RiIG loss narrows to £0.35m

Claims management firm Resources in Insurance Group (RiIG) made a loss after tax of £0.35m in 2010, down 37% on 2009’s loss of £0.55m.

RiIG’s turnover for 2010 was £2.13m, up 45% on 2009’s £1.47m.

The firm ended 2010 with a stronger balance sheet as a result of two private placements totalling £500,000 and the conversion of £100,000-worth of loan notes. In January 2010 the company converted a further £200,000 of loan notes, which it said has left it debt-free.

The company said it has returned to profitability in the first quarter of 2011, with a profit of £20,000 compared with a loss of £74,000 in the same period last year.

Turnover for Q1 2011 increased 64% to £675,000 from £412,000.