Culver Holdings has announced it will concentrate on its insurance business following the publication of improved first half figures. The company said it will sell its technology business, Wanbase, for a nominal sum.
Pretax loss for the group was at £4000, compared to a loss of £58,000 for the same period in 2002. The operating profit was £73,000 before goodwill amortisation and interest, up from £21,000.
The insurance arm of the company was said to have performed well following the acquisition of a portfolio of small commercial insurance business from the Budget Group in February this year.
Turnover for the insurance broking business was £1.6m, with an operating profit of £340,000.
The group said it had identified several areas into which the insurance business could expand, and it hoped that the new initiatives would produce good results at the end of the financial year.
Culver Holdings said it viewed the outlook for the rest of the year with "considerable optimism".
