Hyperion has released its results for the twelve months ending 30 September 2006. Bolstered by the opening of nine new offices in five countries, the group announced increases of 24% in turnover and 37% in operating profits.
Highlights include:
• Group revenues grew from £27.4m to £34.1m, an increase of 24%
• Operating profits increased by 37% from £4.3m to £5.9m
• DUAL International, the Group's underwriting agency, increased revenues by 69% from £7.1m to £12m
• The Howden broking operations reported a 7% increase in revenues against a backdrop of falling premiums and a weakened US Dollar
• The Group's other underwriting agency, CFC Underwriting, reported increases in revenue and profit of 21% and 23% respectively
Hyperion's chief executive, David Howden, commented: “In the 12 years since the Group was established, income has risen at an average annual rate of 37%, whilst profit before tax has risen by an even more impressive average annual rate of 57%. Our success reflects the strength of the structure we put in place nine years ago when we restructured the Group, creating a broking arm and an underwriting arm. Our ability to enter new markets either as a wholesale or retail broker, or as an underwriter, gives us a significant competitive advantage – one that we use to the full and which enables us to continually outperform our competitors.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
