Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 20th of February 2018
August 16, 2010

CBG to restate 2009 accounts

by Gill Montia

Story link: CBG to restate 2009 accounts

CBG has announced that it will be restating its results for the six months to the end of June 2009.

According to the broker, accounting errors have occurred over an advance commission agreement with Close Premium Finance, a company that provides premium finance to the general insurance market.

The restatement will apparently allow for like-for-like comparison of trading, and bring interim results in line with the group’s accounting treatment of advanced commission for the full year.

The revised figures will be published in September, along with 2010 half-year results.

CBG has also reported that it expects the trading environment to be challenging during the remainder of the year, although the broker is confident of achieving a satisfactory result in 2010.

Group managing director, Mike Askew, sums up: “The indications are that this year will be another tough year for our industry and we will continue to do the right things for the success of the group and the delivery of longer term shareholder value.”


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