Insured Group has reported another loss for the six months ending December 31, although it was less than in the corresponding period in 2010.

In this latest half-year result, the company reported a $992,000 net loss compared to $1.5 million.

Revenues were also down 68.5% to $1.2 million for the half year. This compares to revenues of $3.9 million in the corresponding 2010 period.

Insured Group MD Wayne Miller says the decline in revenue was due to the sales of a number of businesses.

These included Tasman Insurance Consultants and Classic Cover Insurance in NZ and Cemac and ACI Broking (Victoria) in Australia.

He says the company’s performance is improving, with the losses down 35.8% in the most recent half-year result.

“The reduction in the loss between the two reporting periods is a result of significantly lower operating business leases, lower employment costs and one-off legal and other compliance costs.”

Mr Miller says insurance broking operations in WA continue to improve. This, together with the continuous reduction of debt levels, “provides the board with confidence that the company remains attractive for potential capital-raising prospects”.

The company still intends to undertake a capital-raising of $2 million and to list on the Australian Securities Exchange.

According to the latest figures, Insured Group has total current liabilities of $13.2 million and total assets of $11.4 million.

The company repaid $1.5 million of borrowings, with proceeds from some sales going direct to its financiers. Borrowings at December 31 were $6.6 million, down from $7.7 million at the same date in 2010.