Conservative investment portfolio yields down by two-thirds
Abbey Protection reported a 10% growth in pre-tax profits to £4.3m for the first half of 2009 from the £3.9m it achieved in 2008. Revenue increased by 13% to £16.4m for 2009, from the £14.5m it reported over the same period in 2008.
But the specialist insurance and consultancy group suffered a two-thirds reduction in investment income of £0.3m for 2009, from the £0.9m it achieved last year. Chief executive Colin Davison blamed the dip on significantly reduced yields from the group’s highly conservative investment portfolio.
Meanwhile, the group said its legal protection divisions delivered revenues of £4.3m, up 9% from the £4m brought in for 2008.