Ai interim turnover up 60%
BLACKPOOL motor claims specialist Ai Claims Solutions has posted a near 60% increase in turnover in its half year results and said major new contracts have since been agreed.
Turnover of £38.1m for the six month period to the end of December 2009, is up on the £24m it made a year earlier, while the pre-tax profit £906,000 is also up on the £713,000reported in 2008.
In its last full year results the company made a £2m pre-tax profit and it said it expected profits to once again be weighted towards the second half of the year.
Chairman Steve Broughton said the growth in revenue and profit was against a backdrop of structural challenges affecting its competitors and from which its business model gives the company a “good measure” of protection.
He added: “Referrals have already begun from a major intermediary source with whom we expect to sign a contract imminently. This will produce growth in hire and new repair business with a significant impact on next year’s forecast.
However, total net borrowings increased to £12.7m during the six months, from £9.1m.
The company is focussing on improving its debtor position with insurers, which stands at an average of 101 days.
“Whilst competitors have been litigating against insurers to recover payment on credit hire cases, Ai remains committed to working positively with insurers to recover amounts due,” it said.
Ai said it has agreed terms for two significant schemes with a major intermediary, starting March and July, with contracts to be signed imminently.
The company is to pay an interim dividend of 0.29p a share.