EBITDA declined 13% as chief executive Chris Giles admits 2010 was a 'challenging year'
Giles suffered a 3% drop in turnover and 13% decline in underlying profits, as the consolidator labelled 2010 as a 'challenging year'.
Turnover fell from £72.1m in 2009 to £70m in 2010, and earnings before interest tax depreciation and amortisation fell from £23.8m in 2009 to £20.8m in 2010.
Chief executive Chris Giles predicts 2011 will also be a 'tough year'.
Giles said: "2010 has continued to be a challenging year for the industry. At Giles we are pleased to have maintained an industry leading margin and to have seen the group develop through key acquisitions in the UK and in new territories, such as the Channel Islands and Isle of Man. 2011 will be a tough year across the insurance industry, however Giles is well positioned for the coming year.”
Highlights:
Turnover £70m (2010) £72.1 (2009) -3%
EBITDA £20.8m(2010) £23.8(2009) -13%
Margin 30%(2010) 33%(2010) -3%
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