Burke predicts interim profits at Thistle in 2012

The prediction came as he explained the loss of £246,000 in the first six months of 2011 was due to the division's reporting structure.

"The model that we have for Thistle is that the predominant [amount] of our earnings comes from the underwriting profits of the managing general underwriter and we recognise those profits at the end of the year but not at the half year," he said.

Mr Burke accepted it will always be the case that the results would be uneven but added that he expected the division