Real estate broker on the hunt to buy property brokers following solid start to 2012
Real estate broker Allanfield is on the hunt for acquisitions after a 16.8% increase in underlying profits.
The broker increased operating profits before amortisation and exceptional items to £1.04m for the six months of 2012, compared to £893,855 in the same period last year.
Net revenue also jumped 33.5%, to £2.1m (H1 2011: £1.6m).
Chairman John Dembitz said: “We are continuing to grow our business both organically and through acquisitions. As such, we are actively looking for acquisition opportunities that meet the criteria of being real estate specialists; insurance brokers, insurance divisions of property managers, broking teams and individuals.”
In August last year, Allanfield acquired Commercial Property Insurance Consultants Ltd.
The accounts show a £613,264 amortisation of intangible assets and exceptional items. Including this, the operating profit would have roughly halved to £428,252. The accounts did not explain the amortisation.
The business has £4m shareholders’ equity and long-term borrowings of £2.2m.
Its business model is based around a select number of large clients and offering premium service. Notable achievements in 2012 included helping establish a real estate terrorism facility as an alternative to Pool Re.
The firm was floated on AlM in August last year.
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