Results show improvement but weakness in Medico-Legal Reporting subsidiary
The directors of LitComp plc have released results for the year ended March 31 2007.
The results show an improvement over the previous year and over the six months to September 30 2006.
Elite Insurance Company Ltd (Elite), LitComp’s Gibraltar-based After the Event (ATE) Insurer, has finished its first full year of trading ahead of expectations.
Trading for LitComp’s Medico-Legal Reporting subsidiaries was weak.
LitComp said in a statement: “The elimination of uncertainty in this market as a result of the settlement of the Woollard appeal, together with a number of marketing initiatives, leads the directors to be confident that there will be an improvement in volumes later in the year.”
The anticipated EBITDA for the year ending March 31 2007 is expected to be at least £1,2m (2006: £28,000) and anticipated net profit before tax at least £800,000 (2006 loss: £342,000). The figures do not reflect the impact of FRS 20.
Jason Smart, chief executive officer of LitComp, commented: “I am delighted to be able to update the market on LitComp’s progress. We have been working hard to ensure the success of Elite and this has been rewarded, as the division has established itself as a profitable business. Meanwhile, the outlook now looks more positive for our medico-legal subsidiaries as the market recovers from a period of uncertainty and the marketing drives we put in place begin to take effect.”