Claims service provider Stream Group says its Qusol technology business traded profitably in the March quarter, in line with directors’ expectations.

Stream has not provided figures in an update provided to the Australian Securities Exchange.

Its New Zealand operation, sold last year to Gallagher Bassett on an earnout linked to its profit performance this calendar year, will probably receive only a modest payment.

“The New Zealand business… has started the year poorly due primarily to benign weather conditions in New Zealand,” Stream says.

“We are hopeful the business will recover over the next nine months so there will be some earnout, but at this stage, without significant improvements, it is likely that the earnout payment will be modest.”