Davies expands through investments in FY 2018

Service provider Davies Group has increased revenues and profitability in the financial year ended June 30, 2018, through investments in technology and acquisitions.

Revenue increased by 41 percent year on year to £77.7 million over the period while earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 47 percent to £15.4 million. Organically, revenues expanded 11 percent year on year.

Davies provides core operations, digital and consulting solutions to insurers from its bases in the UK, Ireland, and Bermuda. During the reporting period, Davies invested in digital transformation and in its claims platform, in the development of its drone and video capability, and in the acquisition of ServiceTick, a customer experience (CX) and analytics platform. Furthermore, Davies acquired CMSL, Ambant, TLSS and R&Q’s Insurance Services businesses. The latter provides Davies with operations in Bermuda and North America, from which the firm wants to service the international captive and reinsurance markets, the company noted.

The acquisitions will contribute to further growth in the years ahead, the company said in a statement.

“I am very proud of our team across Davies,” said CEO Dan Saulter. “Once again, they have delivered a great set of results, set alongside our significant investment for the future, and a deeper set of capabilities and solutions for our clients. Beyond the numbers, we have created a platform that can continue to thrive. Through our ‘Davies Incentive Plan’ we have introduced employee ownership, enabling our people to share in our long-term success.

“Through our ‘Disruptive Thinking’ lab we are capturing innovative ideas from our people, helping our clients to improve service, grow and win, as well as creating career opportunities for our teams.”