Last year’s loss led to restructuring and less construction
Kerry London has announced turnover for 2009 was up 5% to £15.9m with a pre-tax (EBITDAE) profit of £1.7m turning round a loss in 2008 of £307,000.
It said company restructuring had saved £750k and its had cuts its bank debt to £5.75m from £9.3m as at December.
Financial highlights (2008 in brackets)
- Turnover (Commissions and Fees) £15.9m (£15.1m)
- Pre-tax earnings (EBITDAE) £1.7m (-£307,000)
- Year on Year underlying Turnover growth 5% (-3%)
- EBITDAE Margin 12.3% (-2%)
- 40,000 clients serviced across the Group, a 3%
- Client retention rates exceed 90% across all major business areas
- Construction and related clients now less than 30% of turnover
The Group is now well positioned as a multi-segment insurance specialist with a strong focus on web enabled business solutions is ready to benefit from improvements in the economy, Kerry London said.