Resources In Insurance Group PLC Contract Win (5643I)

TIDMRIIG

RNS Number : 5643I

Resources In Insurance Group PLC

04 July 2013

4 July 2013

RESOURCES IN INSURANCE GROUP PLC

("RiIG", the "Group" or the "Company")

CONTRACT WIN

Contracts totalling GBP1.5m secured since 1 June 2013

Pursuant to the Group's 15 June 2013 Trading Update, the Board of RiIG, a leading provider of claims management and consultancy solutions to the UK insurance profession, is pleased to report on its second contract win valued at circa GBP760,000 for the further provision of PPI complaint handling services.

The contract is with the same leading global retail bank as the contract announced in June and the combined value of the two contracts now stands at GBP1.5m. The Company is expecting to benefit from these contracts in the current month and for them to generate significant revenues within the current financial year to March 2014.

Additional proposals are being generated across all areas of RiIG's business and the Board remains encouraged by the prospective opportunities it is seeing both from existing and potential new clients. The Group also continues to actively explore the creation of relationships with other companies within the sector with compatible services, with a view to collaborating on areas of mutual interest. In this respect exploratory discussions are taking place with a number of potential parties.

Commenting, Executive Chairman John French, said:

"We are delighted at this development not just as a piece of new business, which is always welcome, but, as it is from an existing client, it is also evidence of our ability to provide a first class service resulting in repeat and on-going business. Today's news is a positive turning point for the Group and indicative of the prospects for a strong recovery in the performance of the business in the current year."

For further information:

 
Resources in Insurance Group plc 
 John French, Executive Chairman 
 www.riig.co.uk 
 
 Nominated Adviser and Joint Broker     [phone] 
Zeus Capital Limited 
Ross Andrews / Andrew Jones           [phone] 
 
 

Joint Broker

Peterhouse Corporate Finance Limited

Jon Levinson [phone]

Financial PR

Yellow Jersey PR Limited

   Dominic Barretto/Anna Legge                                      [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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