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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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