Watchstone losses deepen as insurance unit drags

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Healthcare and insurance company Watchstone booked a deeper first-half loss after its insurance unit Ingenie faced 'difficult market conditions'.

Pre-tax losses for the six months through June amounted to £7.3m, compared to losses of £3.5m on-year.

Revenue fell 5.6% to £18.6m.

The company did not declare an interim dividend.

Trading results in the healthcare services division were flat, while Ebitda losses increased at Ingenie.

'Ingenie's retail business continued to face difficult market conditions, but significant changes have been made to increase competitiveness which are now bearing fruit,' Watchstone said.

'These changes required considerable planning and were successfully implemented in March.'


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