Broker "on track" for planned IPO
Privately-owned broking group Hyperion reported EBITDA of £12m for the year ended 30 September 2010, up 41% on the £8.5m it made in the previous financial year.
Group revenue increased 26% to £72.2m in the 2009/2010 financial year from £57.2m in 2008/2009. Insurance broking revenues were up neraly 30% to £41.8m while gross written premium at the firm's underwriting agencies increased 28% to £182m.
The revenue and profit increases reflect organic growth and last year's acquisition of Hendricks & Co, the company said.
Hyperion said it saw growth across all four of its business segments: retail, wholesale, reinsurandce broking and underwriting. The company also reported a "significant expansion" into Asia through its acquisition of a 75% stake in Accette Group.
“We are delighted by the excellent results the group achieved in 2010, a performance which marks 10 years of unbroken growth for the group and keeps us well on track for our planned IPO," Hyperion chairman John Van Kuffeler said.
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