Composite Legal Expenses reported an increase in profits for year ending December 2001 with pre-tax profits at £463,758 (£56,604 in 2000), reflecting strong but profitable growth in all areas of its operations.

And, growth has continued even more steeply in the first part of 2002 with turnover of almost £5million at the end of April (£2.8million in 2001), the equivalent of over £7million gross premium income.

Composite's Managing Director, John Mullin, says:

"The steep rise in our turnover, particularly this year, results from our ambitious growth plans which are projected to deliver turnover in 2002 of around £14/15million equating to some £21/22million gross premium income. A low expense base resulting from significant investment in information technology over recent years has contributed significantly to our excellent bottom line result. Our use of e-commerce was recognised earlier this year when we won the Welsh Business Award for E-Commerce.

"New initiatives this year include extending our Event Litigation Funding product (ELF) for After The Event litigation to provide advance funding of the plaintiff's compensation. Our IQ 2000 Legal Expenses package is about to be relaunched to give brokers and their clients even more flexibility, continuing to drive forward our Pre-Paid business. Our specialist Affinity Schemes continue to grow."