Significant Contract Win (6231F)
June 19 2012 - 2:00AM
UK Regulatory
TIDMRIIG
RNS Number : 6231F
Resources In Insurance Group PLC
19 June 2012
19 June 2012
RESOURCES IN INSURANCE GROUP PLC
("RiIG", the "Group" or the "Company")
SIGNIFICANT CONTRACT WIN
The Board of RiIG, a leading provider of claims management and
consultancy solutions to the UK insurance profession, is pleased to
report a substantial contract win with a leading financial
institution. Today's announcement marks the continuation of
successive client wins in recent months.
The contract, which relates to the management of claims in
connection to Payment Protection Insurance (PPI), will impact the
second half of 2012. Initial indications show that the contract
will represent in excess of GBP750,000 in turnover during this
period. There is potential that similar contracts could follow in
2013 and the Group is in early stage discussions with a second
leading bank with the view to providing a similar service for PPI
claims.
The Group's performance continues to improve, as reflected in
the results for the year December 2010 where losses have been
reduced from GBP402,343 (2010) to a profit on operations of
GBP80,385 before nonrecurring costs expended in the continued drive
to change the shape of the business, resulting in a loss for the
year to December 2011 of GBP90,060.
The Group has also announced its intention to broaden its
services to the financial services profession through facilities
for training, placement and recruitment. The Group has the skills
and potential customer base and is now engaged in exploratory talks
with a company able to provide the administrative support with a
view to possible collaboration.
Commenting on the win, Executive Chairman John French, said:
"We are of course delighted to have secured this contract. It
highlights not only our skills to operate in the traditional
insurance claims sector, but also our ability to transfer our
knowledge and experience to other aspects of the financial services
market."
Chief Executive Officer Gordon Vater added:
"This win adds to the success we have recently achieved. The
pipeline of new business prospects remains strong and we look
forward to alerting the market of further contract wins in due
course."
For further information:
Resources in Insurance Group plc
John French, Executive Chairman
www.riig.co.uk
Nominated Adviser/and Joint Broker +44 (0) 7836 722 482
Zeus Capital Limited
Ross Andrews / Brian Stockbridge +44 (0) 161 831 1512
Joint-Broker
Rivington Street Corporate Finance
Jon Levinson +44 (0) 20 7562 3357
Financial PR
Yellow Jersey PR Limited
Dominic Barretto +44 (0)7768 537 739
Harry Fielder
This information is provided by RNS
The company news service from the London Stock Exchange
END
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