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Stream reports further losses

Claims services company Stream has reported a net loss of $324,842 for the six months to December 31 last year, compared with a loss of $13.78 million in the corresponding period of 2015.

In December 2015 Stream’s 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 sale of Symetri enabled Stream to repay all liabilities and retain $3 million in cash, which it intends to use to develop and expand its technology division.

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