Specialist non-life insurance investor Randall and Quilter says it is clearing up a legal dispute related to its US operation while growing profits and revenues.
Total income in the six months to the end of June was £25.3m, a gain of 34% on the same period of last year. Profits before tax were up 56% at £4.6m.
Earnings per share rose 53% to 8.9p while the cash distribution has been upped 6% to 3.4p per share.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the results, Ken Randall, Chairman and Chief Executive Officer said: "Our Lloyd's and non-USA run-off businesses continue to deliver good results.
"The claims run-off within our US subsidiaries has tended to be more volatile but the agreement reached with the Ace group as to a framework for the resolution of all outstanding legal disputes removes this source of uncertainty for the Group.
He added that "the deal pipeline remains very active".
At 10:33 the shares had gained 3.6% and are now up 18% since the start of the year.
BS
-
Lloyds axes foreign currency fees for Club Lloyds customersClub Lloyds customers will be able to withdraw their money abroad without incurring any extra fees
-
How to invest during stagflationTrump’s tariffs look poised to push the global economy into a period of stagflation. We look at how to ensure your investments can survive a global slowdown.
