Loss adjusting group grows business and repays bank debt.
Merlin Professional Claims Services has reported a 33% increase in turnover and 64% increase in profit for the financial year 2007/2008,
The results come six months after the appointment of a new chief executive and new chief financial officer, and rebranding of the former AMG, CGS and Sigma businesses.
Turnover grew from £49m to £65.5m in the year, and profits rose from £2.07m in the previous year to £3.4m. The company said the improvement was due to increased workload from the floods and market share gains.
Merlin repaid £1.1m of its senior bank debt, and continuing strong cashflow since the results were finalised enabled a further £2.2m to be repaid in July 2008.
Richard Webster, chief executive of Merlin, said the results were due to a talented workforce, and the ability to embrace new technologies and procedures.
“As a group we are committed to delivering long-term value to our clients and their customers and are actively seeking opportunities to bring new people into the company with the talent and skill to make a positive contribution.
“We have seen an improvement in profitability and growth in all our loss adjusting divisions and also in other divisions such as repair and restoration, and surveying.”
The past 12 months has seen a period of significant change for Merlin, starting with the acquisition of Carr Greenwood Smith (CGS) and the subsequent appointment of Richard Webster as chief executive and Keith Broom as chief financial officer.