Revenues for insurance division now at £48.3m
Jelf has reported an increase in turnover by 4.4% to £76.2m from £73m in the year to 30 September 2013.
Insurance accounted for 63% of its turnover and grew from £46.1m to £48.3m.
Earnings before interest, taxes, depreciation, amortisation and exceptional Items (EBITDAE) increased by 14.4% to £6.8m and its margin improved from 12.8% to 14%.
Jelf said its acquisition of The Insurance Partnership in June 2013 is positively delivering in line with expectations. Jelf now controls £240m of premiums.
Jelf’s network, The Purple Partnership, increased turnover by 29.4% to £938,000.
During the year Jelf launched Jelf Small Business, an online platform for micro SME clients. So far nine insurance markets support its five product offerings.
Jelf group chief executive Alex Alway said: “Strong trading, combined with a focus on achieving efficiencies has enabled us to increase our EBITDAE margin by 6.4% to 16.4%, from 15.4% in 2012. This in turn has allowed us to increase our dividend to 1.5p per share, up from 1.3p in 2012.
“Trading since 1 October is in line with expectations, as are the benefits from The Insurance Partnership acquisition. We look forward to the continued profitable growth of the business in the year ahead.”
Alway put Jelf’s improvement in profitability down to the broker’s integration with Acturis. Its system upgrade, completed a year ago, means Jelf can now trade electronically with insurers instead of sending them emails or paper presentations. “Technology enables us to trade more efficiently. You get to point of presenting the risk much quier and can adjust the covers electronically too,” he said.