CBG boss optimistic that good times will return
CBG Group managing director Mike Askew was upbeat about the broker’s prospects despite posting a loss for 2010.
CBG made an after-tax loss of £661,000 for the year, compared with £186,000 in 2009. However, this included a £944,000 loss from the disposal of its personal lines business in February 2010.
The pre-tax loss from continuing operations, excluding the personal lines loss, was £136,000 in 2010, compared with a profit of £36,000 in the previous year.
Askew said the company had had its margins squeezed as a result of continuing softening conditions in the UK commercial market. “It was a challenging year, but we still find ourselves in a position to maximise the upturn when it arrives.”
The company is looking to boost its revenues this year, launching Palm – a strategic partnership with MPS Risk Solutions – in January.
“It’s going to be a long slog, but we’re still in a great position to manage growth and invest in it, and hopefully return the business to the margins it enjoyed up to 2008,” said Askew.