A 5% turnover increase was dampened by a 39% hike in cost of sales
Specialist travel broker Columbus Travel Insurance Services’ loss after tax narrowed to £1.01m in the year to 30 April 2010 from £1.19m the previous financial year. The company also received a capital injection of £2.5m.
Meanwhile, Collinson Group stablemate Optimum Underwriting Ltd, a travel underwriting agency, saw profit drop 34% from £254,127 to £167,347 for the year to 30 April 2010.
Columbus’ turnover increased 5% to £4.55m from £4.35m. However, cost of sales jumped 39% to £3.61m from £2.59m. Administrative expenses for the most recent period were £2.51m, down from £2.98m.
Shareholders’ funds at Columbus rose 286% to £2m from £518,544 thanks to a £2.5m increase in called-up share capital. The company issued 2.5 million new shares at £1 each to provide additional working capital.
Optimum Underwriting’s turnover fell 13% to £954,707 in the year to 30 April 2010 from £1.09m the previous financial year. Cost of sales almost doubled to £43,976 from £22,286, while administrative expenses fell 15% to £674,692 from £792,566.
Collinson Insurance Brokers, which was converted to a wholesale Lloyd’s broker from a medical screening company in October 2009, made a £7,774 profit for the year to 30 April 2010, compared with a £71,267 loss the previous financial year.
The company made a £30,086 operating loss in 2010 for continuing business, but a £19,519 profit on discontinued operations.