Accident management firm Bristol & London saw profits slump by more than 50% in the first half of 2004.
Pretax profits at the prestige car specialist dropped from £1.3m in the first six months of 2003 to £0.6m this year. Turnover fell from £4m to £3.8m in the same period.
Executive chairman Bob Woods said: "We've had an exceptionally challenging six months and the board is committed to getting back on track.
"We're investing in our sales force, further incentivising our network of referrers and have improved motor insurer protocols and rates."
The company also announced the appointment of new finance director Lewis Ross. He replaces Andrew Daw, who resigned in June.
