Novae announces 2009 profits
Novae Group plc has released its preliminary financial results for 2009.
The firm recorded underlying pre-tax profits (excluding foreign exchange loss on non-monetary items) of £17.7m, down substantially on the £27.3m of 2008.
Including notional foreign exchange loss the pre-tax profits were further reduced to £4.2m.
Post-tax profits were recorded at £26.4m, down from £37.1m in the previous year.
However, the firm did incur a £2.1m pre-tax loss in the first six months of the year, indicating a return to profitability in the second half of 2009.
Net assets per share rose 4% to 436.2p, and net tangible assets per share were up 3% to 422.7p.
Investment income fell from £50m in 2008 to £31m this year.
Chief Executive Matthew Fosh welcomed the robust return to the black in the latter half of the year, citing strong investment income as a particular driver of profitability.
Category: Financials, Insurance News, Novae News
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