Abbey Protection sees robust demand for services

Date: Thursday 02 Sep 2010

Abbey Protection, which provides legal and professional fees insurance products and services, remains on the look out for acquisitions after what it termed a solid set of interim results.

Revenue in the first half of 2010 rose to £17.3m from £16.4m a year earlier. Earnings before interest, tax, depreciation and amortisation climbed to £5.1m from £4.6m a year earlier while profit before tax jumped to £4.7m from £4.3m.

Investment income has remained depressed with little expectation of increased yields materialising until 2011, the company said.

The interim dividend has been increased to 1.7p from 1.6p.

“It is now just over 12 months until the first of the licences are scheduled to be granted following the de-regulation of the legal services market. We are well advanced in our preparations and believe we are well positioned to take advantage of the opportunities in the sector,” said Colin Davidson, chief executive officer.

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