In its first year of trading after a management buy-out, wholesale broker Glencairn has reported strong results.

Its unaudited12-month figures for 2003 show total operating income of £17.2m, a 39 …

In its first year of trading after a management buy-out, wholesale broker Glencairn has reported strong results. Its unaudited12-month figures for 2003 show total operating income of £17.2m, a 39% rise from £12.3m in 2002. The company's unaudited pre-tax profit was even more impressive, more than quadrupling from £529,000 in 2002 to £3.1m in 2003. Glencairn chief executive Steve Hearn attributed the company's good performance to strong new business growth within its property, accident, health and political risk lines. He also said the performance was aided by Glencairn retaining 90% of its clients year on year. Glencairn was previously known as Glenrand. It changed its name as a result of an MBO in February 2003 from its South African parent.Going forward, Hearn said: "We will look at acquiring new teams and will try to exploit opportunities in the US, while retaining our South African books.""We still receive approximately 10% of our income from South Africa and continue to trade with our ex-parent company."

Glencairn resultsIncome 2002: £12.3m - 2003: £17.2m Pre-tax profit 2002: £529,000 - 2003: £3.1m

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