Insinger de Beaufort: first half year profit of € 2.5 mln

Second half year to show significant further improvement

Insinger de Beaufort reported a profit before tax, goodwill and restructuring of € 2.5 million for the 1s t half year in 2002 compared to a profit of € 0.7 million in an equally difficult 2nd half year in 2001.

This increase is the result of a material restructure, which was initiated last year and will continue throughout 2002. Gross income rose by 11% to € 70.0 million. Restructuring costs for the 1st half year amount to € 2.7 million resulting in a net profit after tax before amortization of goodwill of € 0.1 million.

· Gross income up 11% to € 70.0 million (compared to 2nd half year 2001)
· Total annualised savings from restructure amounted to approx. € 12 million, including redundancies equivalent to 12% of headcount
· Capital base further strengthened to position for growth
· 39% of total assets is in cash or near cash assets

Outlook for 2002
Chief Executive Officer Ian Kantor: ‘As stated whe n we released our annual figures for 2001 the focus would be on costs, risk and compliance without losing sight of our growth strategy. In the past period we have taken major steps in this respect. Our cost base has come down by approximately 12% on an annualised basis and we are anticipating further reduction in the short term. In addition we have restructured our balance sheet leading to a further strengthening of our capital base as well as an increase in our cash position to € 264 million, which reflects 39% of total assets.

Based on the 1st half year and assuming no further deterioration of financial markets in the 2nd half year, we are anticipating further significant improvement for the 2nd half year.’

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(source: Insinger de Beaufort)

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