Fishers International, the insurance services company, is looking for further growth following the 47 per cent rise in profit before tax and amortisation to £4.4 million sterling (€6.57 million) in 1998. "The current year has started well," said chairman Sir Timothy Kitson. The claims services and administration divisions "continue the good progress" while more benefits are expected from acquisitions. And Pycraft & Arnold, acquired after the year end, "will make a strong positive contribution in 1999".
Fishers is capable of pushing profits up to some £7 million (€10.4 million) this year, representing a 60 per cent increase, thereby increasing the momentum. Earnings should also grow strongly, but at a slower pace, possibly 30 per cent.
Chief executive Mr Kevin Kenny said the group was continuing to look hard at acquisitions. However, there was nothing "mature" at the moment.
Fishers, currently incorporated in Ireland with both Irish and British share quotations, is located in the UK where the majority of its shareholders reside. The company is now examining ways it can change the place of incorporation to the UK but will retain its Irish share quotation.
Turnover rose from £40.4 million (€59.7 million) to £43.0 million (€64.18). This, however, disguises the sharp decline in the home-care insurance market. Although turnover in the claims administration, inspection and investigation services increased by 53 per cent to £35.1 million (€52.4 million), sales in Home-care, its insurance subsidiary, declined from £17.4 million (€26.0 million) to £7.8 million (€11.6 million). Earnings per share, before amortisation, grew by 44 per cent to 2.6p (3.88 cents), reflecting real growth. And shareholders are to share in the growth. A final dividend of 0.60p (0.90 cents) has been declared, making a total of 0.85p (1.27 cents), representing an increase of 30 per cent.
The bulk of Fishers' business is in claims services and administration, which generated an operating profit of £4.49 million (€6.70 million) from £2.7 million (€4.03 million). The division includes loss adjusting, claims and risk-related services, and third-party services. Operating profit in the inspection services and investigation went up from £253,000 (€377,600) to £397,000 (€592,500). This was mainly attributed to a refocusing of the accident damage inspection service.
While the insurance division's sales slumped, operating profit showed only a marginal fall, from £347,000 (€517,900) to £319,000 (€476,100). This was due to a refocusing on higher-margin products, such as mobile telephone insurance.
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