Stream’s New Zealand subsidiary Symetri is profitable and expects to file a half-year financial report this month, the claims service provider says in an update to the Australian Securities Exchange.

“Symetri continues to trade profitably,” Stream says.

“As a consequence of exiting our claims management businesses other than Symetri, the group as a whole is profitable and cashflow-positive.”

The New Zealand arm is the sole business left in Stream following drastic measures to clear debts, including putting the Australian unit into voluntary administration and selling the money-losing UK business and Censeo Engineering consultancy.

Stream cleared its bank debts of $2.4 million in May.