Fishers International, the insurance and financial services group, is continuing to review the possibility of renewed talks with Hambros, the British merchant banking group, according to Fishers' chief executive, Mr Kevin Kenny.
However, announcing a 40 per cent rise in pre-tax profit, from £880,000 to £1.23 million, in the six months to June 30th, 1997, he would not elaborate. Fishers is interested in taking over Hambros's 54 per cent stake in Hambros Insurance Services. An initial approach was turned down by Hambros. Acknowledging the approach, Fishers last month said the proposals were "not accepted by Hambros" and that Fishers "is currently reviewing the position". That position still stands. Further strong growth is continuing this year at Fishers. Farrell and ATA Groups, acquired in July, are producing results ahead of expectations. Fishers said it is continuing to look for further acquisitions.
Turnover rose from £16.8 million to £21.9 million in the first half. Earnings per share grew from 0.61p to 0.81p. The interim dividend is being raised from 0.16p to 0.20p.
The loss adjusting business produced an "excellent result with improved margins", the interim statement said. This was mainly due to the full benefits of the Miller Knight acquisition. The management of Miller Fisher also made progress in developing market share and continuing to cut overheads. The claims handling and inspection services business had a "reasonable start". A good performance from its British vehicle inspection business was complemented by a "solid result" by its Austrian counterpart. Taylor and Moore, acquired in the first half, was merged with the group's existing forensic claims investigation business, Fishers Farley. The group said it expected the enlarged business will become a major player in the motor insurance investigation market.
Homecare Insurance increased gross premiums by 30 per cent to £12.1 million. The rise in the insurance premium tax from 2.5 per cent to 17.5 per cent for some business will have a "significant impact" on the domestic rental repair insurance market.
