ATE insurer's Elite company reports revenue increase of 115%.
LitComp, the after-the-event (ATE) insurer, reported a 34% rise in its full-year adjusted pretax profit on turnover of £11.45m, up 80%.
In its preliminary results for the 12 months to 31 March 2008, it said adjusted pretax profit was £1.69m, compared with £1.26m in the previos year, while pretax profit increased to £1.11m from £855,000.
Litcomp subsidiary Elite Insurance saw revenues increase, after reinsurance, by 115% to £9.68m.
The company said trading in all sectors of the business continues to improve and it remains confident of a good performance in the current year.
Douglas Smith, non-executive chairman of LitComp, said: "This has been a year of considerable progress for the Group - we have seen a substantial increase in revenues and net profits in 2008, which is a sizeable achievement for such a young company.
"Elite has successfully written its largest ever ATE policy and increased its turnover, after reinsurance, by 115%.
"Additionally, Elite has a number of innovative financial and legal products in development and the company is also investigating diversification in new areas of insurance and related activities."
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