Insurer Bradstock Group has announced it slumped to a loss of £2.2m in the year to 30 September 2002, as it revealed plans to undergo a capital restructuring plan.
Insurer Bradstock Group has announced it slumped to a loss of £2.2m in the year to 30 September 2002, as it revealed plans to undergo a capital-restructuring plan.
Overall profit before tax was £4.84m, which despite revenue halving to £2.22m, was boosted by the receipt of £7.4m for its pension plan deficit.
Announcing its intention to transfer to the Alternative Investment Market (AIM) it said earnings per share were 7.1 pence against a loss of 10.3 pence.
Chairman Nick Bryce-Smith said: "To say the year had been a difficult one could be construed as an understatement, however very significant progress has been made to establish a platform for the company to build a successful future."
Bryce-Smith added that despite rate increases in the direct market, these had yet to feed through into the reinsurance market. As a result Bradstock is likely to retain more of its risks, he said.
