Canadian Underwriter

Lindsey Morden shows modest recovery for 2001

February 25, 2002   by Canadian Underwriter

Print this page Share

Adjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by 16% to $438.9 million for 2001 (2000: $377.2 million) due to what the directors note as "increased claims activity, the implementation of various new claims programs and Lindsey Morden’s appointment to new contracts and projects". The company’s Canadian arm showed the strongest recovery, with operating earnings clocking in at $2.7 million against the $1.3 million loss made the previous year.
Lindsey’s net loss for 2001 translates to 41c a share (2000: loss of $1.94 a share) while free cashflow bounced back to $1.44 a share against the negative 64c a share recorded at the end of the 2000 financial year. The biggest boost to the company’s results lay in its combined operating earnings, which amounted to $12.7 million (2000: $1.6 million). Operating earnings came in higher for 2001 due to the fact that the company incurred lower finance charges, as well as the fact that the previous financial year’s performance had been marred by a $13.8 million charge in "non-recurring" expenses.

Print this page Share

Have your say:

Your email address will not be published. Required fields are marked *