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Specialty insurance group Randall & Quilter Investment booked a steep fall in first-half profit after the Covid-19 crisis hurt investment income.
Pre-tax profit for the six months through June dropped to £0.6 million, down from £33.1 million year-on-year.
Operating profit, however, rose 30% to £10.4 million and the company held its interim dividend steady at 3.8p per share.
'Our first-half 2020 financial results were impacted by Covid-19 due to the already announced reduction in total investment returns, delays in on-boarding new program management business and by a change in the mix of legacy transactions,' Randall & Quilter said.
'Nonetheless we continued to generate strong operating performance in both program Management and legacy.
'The board expects that fiscal year 2020 results will be in line with market expectations.'
At 9:44am: (LON:RQIH) Randall Quilter Investment Holdings LTD share price was -9p at 154.5p