But rating agency Fitch says it expects the broking group to continue to improve its EBITDA margin amidst the potential for increased cost savings as a result of its latest round of acquisitions, as well as a return to ’healthy’ free cash flow
The broking group carried out a £2bn refinancing deal to support some major acquisitions, with the increased leverage position leading to a downgrade. Despite this, Ardonagh’s position looks healthy, with its EBITDA margin and free cash flow expected to continue to improve as cost savings are realised across the group
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