Underwriting result drags Randall & Quilter's profit down
Randall & Quilter’s Q2 2011 results have revealed a 17.1% increase in group income at £18.8m but profit before tax fell to £3m (2010: £5.8m).
Basic earnings per share also dropped to 5.8p (2010: 6.9p).
Commenting on the results, Ken Randall, chairman and chief executive officer, said the profit was lower than in the same period in 2010 due primarily to a lower than anticipated result in the Underwriting Management division (UMD), restructuring costs in the Insurance Services division (ISD) and certain timing differences in income and expense recognition.
Mr Randall said he anticipated that the ISD and particularly the UMD, would
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