Cox off-loading blamed on profit slump

Cox chief executive, Andrew Fisher blamed a £15m fall in profits on the sale of non-core operations to create a more streamlined business model following the departure of his predecessor, Neil Utley.

The Lloyd's motor insurer reported a £13.7m profit on ordinary activities for the six months ended 30 June, down from £28.3m in 2003. It also announced the results of a review which will see it discontinue its broker guaranteeing arm (HML) and premium financing arm (Can Do Finance) and sell its onl