Acquisitions push RK Harrison through £100m mark

RK Harrison, the London-based wholesale and reinsurance broker, has broken through the £100 million barrier following a substantial increase in its turnover for the year ending June 30, 2013.

The company delivered a 24 percent increase in its turnover which hit a record high of £115.4 million for the period, compared with £92.9 million for the 12 months ending in June 2012.

It said the growth was 12 percent organic with the impact of acquisitions contributing the rest. It acquired MWA, a UK specialist high net worth broking business, in December 2011, and the Gibbs Hartley Cooper portfolios in June 2012, incorporating cargo, specie and healthcare teams.

Its pre-tax profit also saw a big increase to £30 million, up 27 percent from £23.7 million in 2012.

Profit on ordinary activities before taxation was £22.7 million, up from £15.8 million in 2012 and an increase of 44 percent. Its profit margin was maintained at 26 percent.

Paul Bridgwater, chief executive officer of RKH, said: “These results are characteristic of the significant momentum that we have as a business. Surpassing £100m in revenue is an important milestone in our story but what is more exciting still is the strength of the platform that we now have in place to take advantage of the opportunities ahead.

“We remain wholly owned by employees, giving us the control and the financial strength to reinvest in our business for growth and to create an active internal market for our shares. This allows us to reward those that have earned the right to equity ownership and, in turn, to attract and retain the talent that will drive our business for the long term.”