Ardonagh grows 2017 income by 11% through acquisitions
Insurance broker Ardonagh has boosted its income in 2017 by 11 percent year on year to £536 million driven by acquisitions.
Underlying organic income growth was 3.5 percent year on year in 2017.
During 2017, Ardonagh acquired Direct Group, Chase Templeton, Carole Nash, Mastercover and Healthy Pets.
The Ardonagh group was created in June 2017 bringing together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, with the additional acquisitions of Healthy Pets in August 2017, and Carole Nash and Mastercover announced in December 2017.
Ardonagh invested £83 million in acquisitions in 2017 including Carole Nash, Healthy Pets and Mastercover to create the UK insurance broker.
“Whilst the first half of the year was about crafting and creating Ardonagh, the second half was about starting to maximise the value of all its component parts,” said CEO David Ross.
“The Group is now entering its next phase with the capacity to strategically invest in value creation as opposed to fixing the business.
Ardonagh's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 20.3 percent year on year to £161.5 million in 2017.
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