Pro Global Insurance Solutions posts an operating profit of £79,000 for the six months to the end of June - down from £90,000 a year ago. Revenues from core business rose to £13.3m from £12.3m last time.
Pro said it has been successful in attracting new revenues across all products groups which have replaced the naturally declining legacy revenues from existing contracts.
Pro has invested in revenue-generating capabilities in anticipation of further growth during the second half of the year. This resulted in gross profit growth by 3%, slightly behind the revenues. The operating overheads were maintained virtually flat as savings in support functions are reinvested in business development.
Pro says it is continuing to develop its US platform where we see a vast market for Pro's service proposition. The client base in the US is growing comprising both, London Market insurers operating in the US, as well as local specialist insurers and reinsurers.
Current delivery focuses on technical outsourcing and operational consulting services, while the team is also working on launching a new legacy solutions strategy in the US market,
Pro says it continues to be well positioned to capture opportunities created by ongoing change in the global insurance and reinsurance markets, driven by regulatory, capital, pricing pressures and now Brexit in the UK.
Chief executive Artur Niemczewski said: "During first half of 2016 the Pro team continued to make steady progress in delivering the Client First strategy, developing and strengthening client relationships across all four business lines. The progress made is a testament to the commitment and dedication of the Pro team as well as tremendous support from Pro's clients."
At 1:25pm: (LON:PROG) Pro Global Insurance Solutions Plc Ord 2p share price was 0p at 16.5p