News blog
CBG Group
- BY: Andrew Hore |
- POSTED: 22/08/2010 |
Insurance broker CBG Group says that the market remains challenging and the full year figures will be disappointing.
CBG was forecast to make a profit of £1.5m in 2010 but it now says that the result will be comparable to 2009. Cost savings will be help to reduce the downside. A profit of £1m was reported in 2009. CBG says that it will be restating the figures for the first half of 2009 but this should not change the full year figures for 2009.
The restatement relates to advance commission relating to the agreement with Close Premium Finance for the Exius business.
Net debt has been cut.
At 32.5p a share, CBG is valued at £5.16m.
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