Cobra pre-tax profits down in 2015
Group says reduction linked to investment in acquisitions plan.
Cobra Group has reported a 59% fall in pre-tax profits from £903,000 last year to £368,000 this year.
The group reported that the drop was due to expenditure on systems, processes and staff as it restructured ahead of buying brokers to expand its retail arm.
In the year to 31 March 2015 the group's total revenue decreased by 8.7% to £14.7m, in a move it stated was due to removing unprofitable income streams.
The group also refinanced in March 2015 with a £6.9m facility from Clydesdale bank.
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