Revenue at claims and insurtech specialist Stream Group fell 46% in the first half of the current financial year.

The ASX-listed company has also taken an impairment charge of $922,000 “in light of lower anticipated revenues from the company’s software business going forward”.

Stream also agreed a one-off payment of $1.5 million to be paid this month by Gallagher Bassett, which purchased Stream’s former claims management business Symetri in 2017. Symetri was sold under an earnout agreement, in which a portion of the sale price was paid contingent on the business meeting earnings conditions.

Stream reported revenue of $292,281 for the six months to December 31, compared with $536,445 earned in the corresponding period a year earlier. The sales were almost all from its New Zealand operations.

The group says it has spent $116,000 to modernise its code, make its software more user-friendly, freshen the look and feel and add functionality to appeal to a broader market. Stream now expects to have a functioning prototype by the end of May.