Premex continues to grow market share

PREMEX, the Bolton-based provider of medical legal reports, continued to grow its business in the year it was acquired by a US group.

Newly-filed accounts show Premex, which employs 340 people, grew pre-tax profits 17% to £4.4m on sales of £63.5m, up nearly 15%, in the 13 months to December 2011.

Six months earlier it was acquired by ExamWorks, listed on the New York Stock Exchange, in a cash and shares deal worth £66m.

In the accounts Premex said: “The directors regard the levels of instructions received by the company as a key performance indicator and in the period to December 31 these have continued to meet expectations as evidenced by the growth in turnover.”

During the period the company terminated its banking facilities with Lloyds TSB and switched to a £26.5m invoice financing package with Barclays.