The broker also reported a 44% increase in total income for 2022’s first quarter
The Ardonagh Group’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by 29% to £86m during Q1 2022.
In its financial results for Q1 this year, released on 18 May 2022, the company also reported a 44% increase in its total income to reach a figure of £287.5m – up from £199.7m in Q1 2021.
The group adjusted ebitda figure was arrived at after adding costs arising from, among other factors, discontinued operations, restructuring, new hires, business transformation and regulatory commitments.
Adjusted ebitda was also stated prior to factoring in “exceptional costs and one-off items as determined by management”.
The broking group’s operating costs also rose by 51.4% compared to Q1 2021, reaching £202m for the first quarter of 2022 versus £133.4m for 2021’s Q1.
Ardonagh said that it had invested £15m into “growth drivers” during the last quarter, which included new hires, IT system improvements and projects which were expected to deliver “new business” and “long-term savings and synergies”.
Ardonagh’s financial results also showed an 8.2% increase in organic income growth across the group during Q1 2022.
David Ross, Ardonagh’s group chief executive, said: “The momentum behind the group continued in the first three months of the year with strong execution on organic growth, operational efficiency and group-wide opportunities together with fast growth in specialty and international.
“Our pipeline of potential acquisitions and producer hires is robust as businesses and people seek environments where entrepreneurialism and a client focused culture meet scale.”