Pre-tax profit falls but revenue soars at broker
Jelf posted a drop in pre-tax profit from £4.2m to £3.5m for the year to 30 September 2008 after administration costs surged by about £20m.
Alex Alway, Jelf’s chief executive, said the increased costs were the result of investments in “systems and people” to help the consolidator integrate new acquisitions.
Acquisitions boosted revenue by 59% to £63.1m, while earnings before interest, tax, depreciation and amortisation (Ebitda) increased from £7.2m to £10.1m.
As Insurance Times went to press, Jelf’s share price had risen about 9.4% to 70p after the preliminary results were announced.
The private equity backer 3iQPE said it was fully committed to Jelf, in which it owns a 27.9% stake worth £29.8m.
Its advisory partner 3i, which owns more than a 40% share in 3iQPE, is rumoured to be looking at reducing its £2bn debt burden by selling stakes in its small and medium-sized businesses.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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