Pre-tax slip at PWS Holdings

PRE-TAX profits of PWS Holdings, the insurance broker, slid from pounds 2.9m to pounds 2.2m in the financial year ended 30 September, writes John Moore.

As the company announced a maintained final dividend of 2.5p net per share, it reported that after a difficult trading year it was too early to be precise about prospects, although the board was generally positive.

PWS specialises in reinsurance broking, arranging insurance cover for professional underwriters. Some 65 per cent of the group's turnover of pounds 14.7m is accounted for by its international subsidiary, PWS International.

The subsidiary was hit by a contraction of reinsurance capacity, which forced up premium rates. Even so, it increased its profits 'substantially' and continues to 'perform well,' according to the group chairman, Lord Pearson.