Pavilion Insurance has reported a pre-tax profit of £201,849, a 15% increase on 2004's figure of £174,541...
Pavilion Insurance has reported a pre-tax profit of £201,849 in 2005, a 15% increase on 2004's figure of £174,541.
Pavilion said it has implemented a policy of writing off all development costs as they relate to current activities which leaves a loss for the year of £59,558 after a full write off provision.
Andrew Selby, chairman and chief executive, said: “ISIS is already having a beneficial effect on our business and in the past quarter its transactional functionality has been completed.
"Writing off development expenditure hits the bottom line profit, but avoids carrying larger depreciation costs in future years as well as being tax efficient.
"2006 will see the true value of the Company demonstrated and we plan to introduce a number of new products in the second half of the year, including the launch of Musicguard in France.
"Sales during the first quarter of 2006 have reached record levels, compared to the same period in previous years, and this encouraging start allows us to look forward with confidence.”
Gross written premiums at the company rose from £1.71m in 2004 to £2.03m 2005, an increase of 19.1%.
