Broker reports 72% surge in profit after tax
Broking group Hyperion is aiming to list on the main board of the London Stock Exchange in 2013.
The company had previously indicated it was aiming for a mid-2012 float, but Hyperion chairman John van Kuffeler told journalists today: “It is not going to happen in 2012.”
However, van Kuffeler added that there was no urgency to float, and Hyperion may push back the date if conditions are not right.
“Bearing in mind our shareholders, our cash generative qualities and so on, we are not under any pressure,” van Kuffeler said.
Hyperion chief executive David Howden added: “The IPO is just one link in our strategy. We will only do it if it delivers what we want.”
The main reason for Hyperion’s desire to float on the stock exchange is easier access to capital to fund its growth.
The comments come as Hyperion revealed a 72% increase in profit after tax for the year to 30 September 2011.
Hyperion made a £7.5m profit, up from £4.4m the previous financial year. Driving the increased profitability was a 21% increase in total revenue to £87m (2010: £72m).
While the company made a number of acquisitions in 2011, including the Accette Insurance Group in Asia and the UK broking activities of PYV, it reported organic revenue growth of 18%.
Earnings before interest, tax, depreciation and amortisation (EBITDA) and one-off charges grew 45% to £18m (2010: £12.4m).
Further acquisitions may be on the cards for Hyperion. It confirmed last week that it was in talks to buy Lloyd’s broker Windsor.
Hyperion is 50% employee-owned. Private equity firm 3i owns 27.4%, investment firm BP Marsh 19.5%, and Murofo Investments and Inversiones Muroca collectively own 17.6%.
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