But turnover is down 9%
Kerry London has returned to profit over 2012 after three loss-making years, according to Companies House filings.
The broker, founded by Joe Kelliher (pictured), reported profits after tax of £165k for the year ended 31 December 2012, up from a £431k loss for 2011.
The return to profitability comes despite a 9% drop in turnover to £8.2m for 2012 (2011: £9m). However, Kerry London did manage to trim administrative expenses by 14.4% to £8.1m from £9.5m for the year ending 31 December 2011.
Chief operating officer Imogen Coggan told Insurance Times this was a result of benefits from previous cost-cutting measures.
“Cost realignment measures were undertaken in the second half of 2011 which have resulted in the improved position for 2012,” she said.
Coggan also confirmed that there would be no further cutbacks and that Kerry London would be “investing in the business”.
The broker reported an improvement to its earnings before interest, tax, depreciation and amortisation (EBITDA), reporting an EBITDA of £553k for 2012, up from £22k for the previous year.
Coggan added that the outlook for the broker was “very positive”, highlighting Kerry London’s recent appointment as a Lloyd’s broker as a positive sign for the future.
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