Insurance claims services provider Resources In Insurance Group has halved its interim loss.
The disposal of loss-making businesses meant that revenues fell from £1.22m to £973,000 in the six months to June 2009 but the reported loss declined from £636,000 to £307,000. A reduction in working capital meant that there was cash generated from operations. Net debt was £135,000 at the end of June 2009. The overdraft facility is £150,000 and this should be sufficient for RIIG’s needs.
New business and cost cutting will come through in the second half.
The share price has more than trebled in the past six months. However, the share price has fallen in recent weeks. At 0.65p a share, down 0.025p on the day, RIIG is valued at £890,000.
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