Fishers loyal to listing in Dublin

FISHERS International still cannot find anything to buy in Ireland, but remains committed to its Dublin listing, the chief executive…

FISHERS International still cannot find anything to buy in Ireland, but remains committed to its Dublin listing, the chief executive, Mr Kevin Kenny, has told shareholders at the company's annual meeting in Dublin.

The insurance and financial services group was looking forward to strong first half results and was, still on the acquisition trail, he told, journalists after the meeting yesterday.

He added that further acquisitions were likely although the group has not yet found anything suitable in Ireland. "I'm beating down the doors of the finance boys trying to get them to bring me something," he said.

Acquisitions over the next few months are likely to be in Britain and are likely to be on the motor or claims handling side of the insurance industry.

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Company broker, Mr Oliver O'Shea, of Goodbody stockbrokers, predicts pre tax profits of between £1.8 million and £1.9 million for 1996 with earnings per, share of 1.28p with which Mr Kenny said he was happy. "Who am I to argue with the company broker," he quipped. The company announced a pre tax profit of £874,000 sterling in 1995.

Mr O'Shea said the profits should be "easily achievable" given the high level of claims after the harsh British winter and the rationalisation benefits from the recent acquisition of loss adjustor Miller Knight. The acquisition has proved to be an "excellent" investment and would improve the company's profitability "quite substantially", according to Mr Kenny.

Fishers' underwriting division, Homecare, is "going like a train", Mr Kenny added, and would become "more and more significant". Homecare underwrites maintenance contracts on TVs and videos and has recently moved into insurance for mobile phones.