Cobra slithers into profit

Cobra Holdings moved into the black with a pre-tax profit £391,987 for the year ending in March. The company had posted a pre-tax loss of £23,031 last year.

Revenues increased slightly from £22.3m to £22.6m, while adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) improved to £3.12m from £2.3m in 2009.

The broker group has drawn down a £7m loan from Wainford Holdings over the past 15 months.

Chairman Peter Robinson said: “Over the past 12 months, the integration of the acquisitions has been completed and the group is benefiting from the available synergies in all areas.

“We continue to evaluate our business mix, concentrating on dealing with profitable customers, which will allow us to improve our service standards and improve retention.

“While substantial reductions have been achieved in staff and occupancy costs, in view of the economic climate the group will continue to concentrate on costs while maintaining a focus on organic growth and new projects.”