R&Q books small 2009 loss after Equitas settlement
Randall & Quilter Investment Holdings (R&Q) booked a net loss of £170,000 in 2009, down from a £9mn profit a year earlier, after settling to end litigation against Equitas over LMX liabilities.
The result trumped the expectations of Numis Securities, which expected a full-year loss of almost £4mn as a result of the undisclosed settlement.
The UK-quoted run-off specialist posted a modest pre-tax profit of £260,000.
Numis' Nick Johnson commented: "Although the Equitas settlement has highlighted the risk of reserve...
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