RIIG turns loss to profit in Q1

Unaudited management accounts show turnover in the first quarter of 2011 was £675 000 (2009: £412 000) - reflecting a 64% increase - with a profit of £20 000.

In the year to 31 December 2010, the claims management firm increased turnover for the period under review by 45% to £2.13m (2009: £1.47m). Post-tax losses excluding share option expense reduced in the period under review by 37% to £0.35m (2009: loss £0.55m).

It reported that it strengthened its balance sheet following two private placings amounting to £500 000 and conversion of £100 000 of loan notes. It said that of its 15 clients, six are "major insurers" and that the total director holdings stood at 9.7% - indicating a "well-invested management team".

It said it that following the conversion of £200 000 of loan notes, the group is now debt free.

Executive chairman John French said: "The group has made significant steps in expanding its client base, its level of turnover in 2010 and now shows an unaudited management accounts first quarter 2011 profit.

"RIIG has developed a reputation within its chosen markets as a business that executes innovative, quality focused and comprehensive claim solutions. The group offers a blend of services delivering indemnity cost control, increased customer experience and reduced risk - all factors governing senior insurance personnel in an increasingly litigious, compliance led and competitive insurance market place both here in the UK and abroad."