Ai Claims Solutions has reported record revenues for the last financial year, up by 65 per cent from 2008/09 following a series of new contract wins.
The company also recorded record profits — up by 35 per cent to £2.7 million.
Ai Claims Solutions’ results for the year ending 30 June 2010 show:
> revenues of £91.9 million up 65% (£55.7m)
> record adjusted profits of £2.7m up 35% (2008/09: £2.0m)
> EBITDA level profits up 27% to £4.2m and earnings per share up 39%.
The company also says that the new financial year has started strongly thanks to a new contract that became effective from July 1.
The annual report also reveals that Ai Claims Solutions’ has agreed new extended bank facilities so that it has access to the working capital required to fund further profitable growth.
Chairman Stephen Broughton said: “Our business model has always been different from those of our leading competitors and, whilst we have at times struggled to get that message across to the industry and to investors, the evidence of the last 12 months suggests it is a message that is now more clearly understood.
"In the last year, our share price has performed well relative to our quoted competitors.
"The credit hire industry is now firmly established, and it is strategically important that companies in the market continue to develop cooperative relationships with insurers who are striving to restore profitability and so are actively managing their claims costs.
"Our strategy continues to focus on being an ethical provider of accident management services that are based on a low cost and lean balance sheet model, supported by an efficient operating and financial platform.
"Two significant schemes with a major intermediary started in 2009/10 and initial performance on these contracts is promising with the first two months of the new financial year, which are traditionally quiet summer holiday months, producing a record start.
"These contracts should produce substantial growth in hire and repair business within the next year. We expect additional growth opportunities to continue to become available."