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ClearView makes $561,000 loss

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AAP

2013-02-15

ClearView has made a $561,000 first half loss, mainly due to costs related to CCP Bidco's takeover of the financial services company.

The company, which also provides superannuation and life insurance, announced that it had made a net loss of $561,000 million for the six months to December 31, down from a $12.2 million profit in the previous corresponding period.

It said the loss was mainly due to costs related to CCP Bidco's takeover of the company.

In October private equity firm CCP Bidco successfully bid 59 cents a share for ClearView.

ClearView managing director Simon Swanson said at the time that the bid undervalued the company and he would hold onto his 2.5 per cent stake.

The company also made an underlying net profit, which excludes one off events, of $8.5 million, down 6.6 per cent from the previous first half.

ClearView also said over the six months $9.9 million worth of new business was generated, compared to $0.8 million for first half 2011/12.

Mr Swanson said he was pleased with the company's rate of growth.

"It is both exciting and encouraging to see ClearView enter a new stage in its development as reflected by the current growth in business which is anticipated to continue into the second half of the financial year," he said.

"It is further encouraging for management to have new major shareholders who are supportive of our growth and ambitions."

ClearView's board was continuing to evaluate the group's capital position and dividend policy, especially in light of strong growth from its life insurance business, and was considering establishing a fully underwritten dividend reinvestment plan.

Clearview said this would enable shareholders the opportunity to reinvest into its insurance business while retaining capital within the company.