Royal & Sun Alliance (RSA) reported a 30 per cent rise in operating profits to £100 million yesterday but said more remained to be done on its restructuring programme.
The insurer, whose headquarters are in Horsham, said its performance during the first quarter to March 31 had been good following restructuring.
Last year was a period of radical change for RSA during which it raised £960 million through a rights issue and took steps to focus on its UK, Scandinavian and Canadian operations.
Cost-cutting resulted in about 1,000 UK job losses in September and job cutting continued in the first quarter of 2004, taking the group's headcount down to about 29,000.
Chief executive Andy Haste said the group continued to restructure and rebuild the business but more remained to be done.
Friday May 14, 2004
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