Record results for Irish arm of Miller

Miller Fisher, the Anglo-Irish financial services company, has reported "record" half-year results at its Irish subsidiary, Miller Farrell. The strong performance contrasts with that of its British parent, which is only showing early signs of recovering from a period of sustained losses.

The London-based group reported pre-tax losses of £0.66 million sterling (€1.07 million) for the first half of this year, down almost 60 per cent on the same period last year. This partly reflects the firm's disposal of its electronic goods insurance subsidiary, Homecare Insurance, for £4.5 million in the first quarter.

In a statement, Miller Fisher said cost reductions achieved in Britain would exceed £5 million by year-end. It has reduced overall operating costs by 8.3 per cent in the first half to £21.1 million, compared to £23 million for the same period in 2000.

Although Miller Fisher does not highlight specific Irish figures in its results, chief executive Mr Kevin Kenny confirmed that operations in the Republic "have really gone very well this year, having gone well last year". He said Miller Farrell had grown its business with Irish insurers and British companies that write insurance into the Republic from Britain.

Miller Farrell employs around 130 people in the Republic, this number having been boosted by two acquisitions within the last two years. Future growth will be organic, according to Mr Kenny.