Broking firm Kerry London Limited’s loss after tax in 2010 dropped 50% following the completion of its restructuring.
However, the company’s operating performance took a turn for the worse as turnover dropped by £755k because of “challenging” insurance market conditions.
Kerry London made a loss after tax of £298,429 for the year ending 31 December 2010, compared with a loss of £599,781 in 2009. The 2009 results were dragged down by a £701,000 restructuring charge which did not recur in 2010.
On an earnings before interest, tax, depreciation and amortisation (EBITDA) basis, Kerry London made a 2010 profit of £186,000, compared with a 2009 loss of £222,000.
Kerry London trimmed its administrative expenses by £280,860 to £11.1m in 2010. However, the company’s turnover of £10.6m and other income of £321,000 were not enough to offset the expenses, resulting in an operating loss for the year of £179,998.
In 2009, Kerry London made an operating profit of £86,686 on the back of £11.4m in turnover and other operating income of £113,263.
“The market for insurance continued to be challenging in 2010 which resulted in a decline in revenue in 2010 of 5%,” Kerry London’s Companies House filing reads. “The company reduced overheads in 2010 and continued to do so in 2011 in order to return the company to an overall profitable position.”
Kerry London Group, the broker’s parent, also had a better 2010. Its loss for the year dropped 76% to £209,174 from £862,184.
Kerry London Limited chief executive Damian Kissane declined to comment on the results, but said in a statement to Insurance Times: “The financial performance of Kerry London has continued to improve through 2011 in line with our plans. Our re-branding initiative earlier this year, which highlights our commercial specialisms, has been particularly well received by our clients."
Kerry London Group and Kerry London Limited rebranded in May to KL.
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