Ardonagh Q1 adjusted EBITDA climbs 12.7%
Insurance intermediary The Ardonagh Group which comprises Autonet and Carole Nash, Paymentshield, Insurance Broking, Schemes and Programmes, MGA and Wholesale, has reported adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) up 12.7 percent year on year at £28.0 million in the first quarter of 2018.
Income grew by 6.8 percent to £131.7 million over the period.
“We have had a strong start to the year with underlying organic growth supported by strategic investments,” said CEO David Ross. “With three small acquisitions completed in the quarter and several key hires, we continue to invest in businesses and people that want to become part of a disruptive and dynamic force in the market.”
Ardonagh experienced strong performance with organic growth across all units except MGA, where income was adversely impacted by accelerated implementation of remedial actions aimed at refocusing the business on higher growth specialty niches and reducing exposure to underperforming standard books, the company said in a statement.
Investment for growth continued with £5.2 million spent on key hires and 41 income producers offered jobs or hired within broking in the first quarter.
The group noted that the Towergate transformation plan was now 85 percent completed, with broker systems consolidation anticipated to complete 12 months ahead of plan.
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