Insurance outsourcing group Miller Fisher has declared interim pre-tax profits of £2.7 million, up 42% on the first six months of last year (£1.9m i 1998).
Group profits increased on the back of rising turnover which jumped 61% to £29.6 m (compared to £18.4 m at June 30, 1998).
Growth was partly fuelled by greater demand for Miller Fisher's claims administration, inspection and investigation services, which grew 62% to £24.7 m.
Miller Fisher chairman Sir Timothy Kitson said the group had won a number of 'very substantial' new contracts for claims services, including the management of Eagle Star's Brighton administration centre, and other partnerships with Lloyds TSB and CGU.
The acquisition of recently-renamed loss adjusting group Pycraft & Arnold last February for £11 m is reflected in the group's half-year balance sheet. The company borrowed £4 m to fund the buy-out.
Kitson said, the integration of the two operations should be completed by the year-end, but had cost more than expected. The merger has cost the parent group £0.25 m in reorganisation and relocation expenses and resulted in the loss of 22 Pycraft & Arnold branches and 130 staff.
However, Miller Fisher finance director Richard Horton said, the group expected to begin reaping £2 m of cost savings from the Pycraft & Arnold acquisition next year.
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.
