Revenues jump 53% for AIM list broking group

Cobra Holdings, the major UK-based retail and wholesale insurance broking group, reported flat profit for the first half of 2007. This was despite a 53% jump in revenues.

The group, which commenced trading on AIM in July, reported operating profit of £1.1m – up 3% on the previous year. Revenues were £7.4m.

Group operating profit margin before amortisation and depreciation was 14% (2006: 21%) with future improvements expected.

Chairman Peter Robinson said: “Continued selective growth of Network members and strong progress by Underwriting provides for a positive outlook for the remainder of 2007 and into 2008.”

Steve Burrows, Chief Executive, said: “We are pleased with the results to 30 June 2007 and the progress we have made since our recent admission to AIM. The diversification of the Group allows us to take advantages of the expansion of the Network through our other operations, and positioning us to take advantage of improvements in the current weak cycle of rating within the general insurance industry.”