2010 ended with 'good progress' for the firm, despite 30% overall fall

Oval directors are “satisfied” with the 2009/10 results of the company’s Lloyd’s broking division, despite a 30% decline in profits.

Oval International Limited made a £1.1m profit in the year to 31 May 2010, down 30% on £1.5m in the previous financial year.

“The year ended 31 May has been a period of good progress for the company,” Oval International’s Companies House filing read.

Turnover dropped 10% to £4.9m from £5.4m, although this was partially offset by a 4% reduction in administrative expenses to £3.9m from £4.1m.

Profit before tax came in at £1.48m for the year to 31 May 2010, down 4% from £1.53m in the previous financial year. Earnings before interest, tax, depreciation and amortisation came in at £1.7m.

According to the Companies House filing, the downturn in global trade during 2008 and 2009 continued to challenge the marine insurance market, with shipping activity and insurance rates both under pressure.