Watchstone Group operating losses deepen; eyes more asset sales

Writer, Stock Market Wire
Friday, April 27, 2018 - 09:54

Insurance and healthcare company Watchstone Group said annual operating losses deepened following a rise in IT investment, falling policy prices and restructure costs.

The company posted an operating loss of £7.4m, compared to £4.5m of red ink in 2016.

Statutory net losses, however, narrowed to £2.6m, down from £69.1m in 2016.

'During 2017, we substantially completed the work to simplify and rationalise the group involving the closure or disposal of loss-making businesses and significantly reducing the size and cost of the central overhead,' chairman Richard Rose said.

'We remain on track with the execution of our plan to prepare our businesses for future disposals. These potential divestments will be determined with a view to maximising shareholder value taking all factors into consideration.'

At 9:54am: (LON:WTG) Watchstone Group Plc share price was -1.4p at 98.6p


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