Profits fall at Oxygen
Oxygen Insurance has reported a fall in profits to £95,229 for the year ended 31 December 2010, a dramatic reduction from £707,398 the previous year.
Turnover at the broker also fell slightly to £7,386,292 (2009: £7,727,749) and the results for continuing operations similarly deteriorated from a profit of £807,744 in 2009 to a loss of £126,412 in the most recent period.
In its annual report the company said that 2010 had been a difficult year.
The report stated: "Although Oxygen Partners, the company's wholesale business, had a marvellous 2010 enjoying a 43% growth in revenue, year-on-year total revenue declined by 5% primarily on account of
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