Loss adjusting lifts Rutland over car market weakness

RUTLAND TRUST, the loss adjuster and financial services group, announced pre-tax profits of pounds 3.6m for the six months to 30 June compared with pounds 3.5m last time, as a better performance in its loss-adjusting side was counter-balanced by weakness in the second-hand car market, writes John Willcock.

Rutland bought Ben Shaws, a soft drink manufacturer, in August for pounds 5.69m. Michael Langdon, Rutland's chief executive, said Ben Shaws would pay its way in the second half and start contributing to profits next year. No further acquisitions are planned this year, he said. 'We will have our hands full sorting out the drinks operation.'

The number of insurance claims was lower than previously in the first half, but the value was higher, reflecting a switch from domestic to commercial claims. Rutland's professional services side, which includes Ellis & Buckle, the chartered loss adjuster, increased profits to pounds 2.4m from pounds 2m last time.

Earnings per share rose 11 per cent to 0.93p from 0.84p. The company maintained its interim dividend of 0.27p. The shares fell 0.5p to 24.5p.