Chris Giles says 2009 is 'positive year' despite 'challenging market conditions'
Giles grew turnover by 40% compared to last year, its annual 2009 accounts showed today.
Turnover across the consolidator’s group of companies grew from £51.3m to £72.1m. Earnings, before interest, tax, depreciation and amortisation (EBIDTA) increased 60%, from £14.9 to £23.8m.
However, Giles did not disclose its pre-tax profits, which would be impacted by among other things, the large interest payments the company is paying on its debt.
Chief executive Chris Giles said: “Giles has had a positive year in what has been extremely challenging market conditions.
“Both our turnover and profits show significant growth which is testament to the hard work and commitment of all our staff.
“We are especially pleased with the integration of our acquisitions and with the contract wins achieved during the year, in particular National Bank of Australia which demonstrates the extent of our offer across the UK.
“We expect the conditions to remain challenging in 2010. Giles will continue to drive efficiencies throughout the business and is well positioned to develop the business in the UK both organically and through acquisitions.”
•?During the year Giles has invested in developing regional hubs across the UK to
focus branch strength and efficiency across the Group.
•?Giles strengthened its management team with a number of key senior hires during the year including a Non Executive Chair, George Prescott who was previously Deputy Chief Executive of Ecclesiastical Insurance Group. In addition, in March Howard Pearson became Retail Managing Director and Mark Addis became Wholesale Managing Director, both joining the Board of Directors.
•?Giles grew revenue streams during 2009 by securing a number of major contract wins:
- National Australia Bank (NAB) – to provide commercial insurance products and services to customers at NAB’s two UK branches, Clydesdale Bank and Yorkshire Bank which have over 200,000 customers
- National Federation of Builders - to provide insurance services to the 1800 members
•?During the financial year a further five acquisitions were completed, adding strength to the Giles team across the UK:
- SBP Group with three main locations
- Arnott Commercial Insurance Services Ltd & Arnott Marine Ltd
- Dickson Insurance
- NG Insurance Services Ltd
- LRG Insurance