THB said a profits in the six months ended 31 October 2004...
THB said profits in the six months ended 31 October 2004 were seriously affected by strong hurricane activity in the US and the weak dollar.
The company reported pre-tax profits of £0.9m compared with £1.05m in the same period last year.
THB chairman Victor Thompson said: “The weakness of the US dollar, the continuing difficulties faced by THB Risk Solutions and the absence of the large profit sharing commissions earned in the second half of 2003/2004, lead us to anticipate significantly lower profits for the second half of this year.”
Turnover had increased from £13.8m in 2003 to £15.4m, but net profit was down from £0.6m in 2003 to £0.5m in 2004.
“Despite this challenging short term outlook, we believe that THB's staff and management are well equipped to find opportunities amongst the uncertainties of the market,” said Thompson.
