Iprism doubles profits as turnover increases in 2012
Iprism Underwriting Agency more than doubled its profit in 2012 to £5.79m from £2.13m in 2011, a report at Companies House has revealed.
Operating profit grew from £2.12m in 2011 to £3.85m last year, while turnover also increased, from £7.79m to £10.37m.
The provider also reduced its net debt to £9.69m, compared with £13.54m in 2011.
The company said in the document that it had taken advantage of its improved trading and financial position by negotiating a medium term loan facility of £8m from the Royal Bank of Scotland.
Iprism's directors’ report stated: “The results for the year show a continuing improvement in level of
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