Randall and Quilter profits accelerate

Randall and Quilter profits accelerate

Aim-listed insurance services provider Randall and Quilter announced a near-fivefold increase in profits for the six months to the end of June 2017.

Key to the profit growth was a contribution of £19.1m for what the company referred to in its results as legacy transactions.

The equivalent figure for legacy transactions in the same period last year was £2.7m.

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The company confirmed a marginal increase in the dividend, to 3.5p, from the previous 3.4p.

The growth was driven by what the company called a “solid” performance in the UK, while results in the US were weaker as the company continues to invest in its healthcare offerings in that country, and deals with legacy issues.

Randall and Quilter sold its Lloyds managed agent insurance business to Coverys for $22.6m (£17.46m) and also disposed of its Norwegian insurance company Triton, during the first six months of the year.

Ken Randall, chairman and chief executive of Randall and Quilter, said in a statement accompanying the results: "I am pleased to report that the group delivered a very strong performance during the first half of the year.

"It is the board's view, especially given the advanced state of a number of other legacy transactions and the growing pipeline that the results for the full year will be at least in line with expectations, absent unforeseen circumstances.”