Seventeen Group announce a 12.5% increase in revenue from £16,369,740 to £18,450,559.
An expected reduced profit before tax at Group level being entirely due to the increased amortisation charges incurred following acquisitions.
In terms of revenue growth £1.3M related to acquisitions made in 2018 the most significant of which were Rupert Burgoyne Limited in February 2018, and specialist marine broker Everard Insurance Brokers Limited, in July 2018.
The balance was organic with significant new business across James Hallam and Touchstone Underwriting. Touchstone is now writing over £27,000,000 gross premium.
A new financing partner in 2019 has seen the Group continue to expand, with the recent acquisitions of Graybrook Insurance Brokers Limited and WPS being testimony to the company’s ambitious long term development plans.
Commenting on the results, Group CEO Paul Anscombe said “2018 represented a very solid performance by the Group. The acquisitions made in 2018 and earlier years have integrated exceptionally well and feel very much ‘part of the family’. Now with annualised revenues in excess of £22,000,000 Seventeen Group is seeing an increasing number of opportunities to grow and we are in an excellent position to capitalise upon this as a long established and completely independent insurance business”.