Corporate Risk division see revenue growth
Benfield Group reported pre-tax profits of £92.3m in the first half of the year, down 5.6% on the previous year.
Group revenues slipped to £242.7m from £252.1m in 2006. The group trading result was £102.0m down 5.5% on last year.
Benfield’s primary broking division, Benfield Corporate Risk reported a trading loss of £4.6m, an improvement on the division’s 2006 interim trading result where it reported a loss of £9.4m.
The division saw revenues increase £14.2m from £7.6m in 2006.
Grahame Chilton, chief executive of Benfield, said: “As anticipated the business faced considerable headwinds in the first half of 2007 but despite this the underlying performance of the business remains robust and we continue to make progress towards our strategic objectives.
“I am particularly pleased with the accelerating revenue growth of Benfield Corporate Risk which is now gaining traction in its chosen sectors. The exchange rate and softening markets continue to pose a challenge but the business is well-positioned to maintain its underlying growth.”
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