25 May 2012

RIIG into the black

11/08/2011 Robert Tyerman

Claims manager Resources In Insurance Group (RIIG) has turned £152,000 first-half losses into £13,500 pre-tax profits on turnover up 48 per cent to £1.4 million. Headed by veteran small company recovery specialist John French, the City of London-based concern, whose claims advisory services include field inspection, credit hire and consultancy, has expanded its sales team to tap into the London insurance market as well as national operators.

RIIG, which lost £404,000 last year on £2.1 million turnover, has started the second half well, says French, who argues the entry of big retail brands into insurance is providing fresh opportunities for the company by bringing new standards of service and operational efficiency into the sector. He says RIIG has signed a major new contract with an unnamed 'leading insurer', extended two contracts and won new commissions from existing clients.

Shares in RIIG, which floated in its previous incarnation as Claims People at 8p in 2000, have traded between 1.08p and 0.28p over the past year and now stand at 0.54p, valuing the company at £1.7 million. They have speculative possibilities.

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Tags: AIM market, Claims management, Credit hire, John French

Sector: Support Services

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