Towergate-owner Ardonagh grows earnings 20%
Towergate-owner Ardonagh Group posted a 19.7% increase in adjusted earnings.
The group’s nine month adjusted Ebitda was £79.1m compared to £66.1m in the same period last year.
The firm made a 3.5% increase in underlying organic growth for the third quarter alone.
Chief executive David Ross said: ”This has been a strong quarter where we have achieved positive income and adjusted Ebitda growth.
”With three high quality complementary acquisitions, a number of game-changing strategic hires and the delivery of robust organic growth, we continue to capatlise on the significant market opportunities ahead.”
Ardonagh offically formed in June this year. It brought together Towergate, Autonet, Chase Templeton, Direct Group and Price Forbes.
Healthy Pets, bike broker Carole Nash and Mastercover have been added to the group since June.
The group’s pro forma adjusted earnings - meaning the original Ardonagh Group formed in June and all the additonal 2017 acquistions taken together - would have earned £148m against turnover of £528 for the year ended September.
All exceptional costs - such as reorgansiations, regulatory costs - are taken out of the figure.
RESULTS FOR NINE MONTHS ENDING SEPTEMBER 30
|£m (millions)||2017||2016||£m||% variance|
|Pro forma adjustments||24.5||30.5||(5.9)||(19.4)|
|Pro forma adjusted Ebitda||103.7||96.6||7.1||7.4%|