Brought to you by:

Stream reports $14 million loss

Troubled claims services company Stream Group has reported a net loss of $14.25 million for the 12 months to June 30 last year.

The figures feature in a preliminary final report provided to the Australian Securities Exchange last week.

Chairman Larry Case told insuranceNEWS.com.au the report was delayed by the sale of the listed group’s New Zealand business, and the figures are “completely irrelevant” due to the scale of change in recent months.

In December 2015 the Australian business was put into administration and subsequently liquidated, and in May last year its UK business was sold. In April this year its New Zealand subsidiary, rebranded as Symetri, was acquired by Gallagher Bassett.

Stream continues to provide software services to the New Zealand and UK businesses.

The $14.25 million loss compares with a $12.82 million loss the previous year.