Premex profits leap 95%
LEGAL services group Premex saw a 95% hike in profits and grew sales amd staff numbers in the year to November 2009.
The Bolton company, which provides a range of medical/legal services to solicitors and insurers, grew profits from £1.59m to £3.1m and turnover by 11% from £49.3m to £54.7m.
Premex, which is 65% owned by founders Bill Clynes and Simon Margolis – the company’s MD and chief executive – now employs nearly 370 people, an increase of around 50 on the the previous year.
Despite the surge in profits the directors did not pay a dividend. Last year £2.5m was shared.
Premex Group, which has its headquarters at Middlebrook near the town’s Reebok Stadium, has several key businesses.
Premex Services provides more than 140,000 medico-legal reports a year, making it ithe largest player in the market. Its Accuro arm specialises in digital transcription, dictation and outsourced typing.
Insight investigates claims in the insurance and litigation sectors and 3D aids the claims management process. while i-sign offers a document explanation, signing and collection service for personal injury claimants.
The accounts reveal that the group had reduced its debts firm £50m to £46.7m. It has renewed a £16.1m invoice discounting facility with Lloyds TSB Commercial Finance.
The directors’ report flags-up that the company operates in a a competitive market place, which means the company has to invest in IT systems and people to ensure high levels of customer service.
“Competitive pressure is a continuing risk for the group, which could result in it losing sales to its key competitors.
“The group manages this riskby continually striving to provide a high level of customer service, by maintainig strong relationships with its clients and by continuing to invest in its IT infrastructure.”
