The LitComp group has reported a flat profit despite a huge increase in premiums from its Gibraltar-based subsidiary, Elite.

The group, which provides after-the-event insurance and is a national supplier of medico-legal reports, returned to profitability earlier this year.

Its unaudited results for the six months to 30 September 2007 showed a net profit before tax of £346,000.

The group’s UK and medico-legal reporting companies made a loss as their turnover fell to £807,000 after head office costs of £189,000.

LitComp subsidiary Elite Insurance Company continued to grow with gross premium income increasing by 256% to £4.654m compared to £1.306m for the same period last year.

LitComp chairman Douglas Smith said: “The period has been a successful one for LitComp with good growth in expanding market sectors.”