’2022 marked an exceptional year for The Clear Group,’ says chief executive

The Clear Group grew its revenue by 26% and its adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) by 25% in the 12 months to 31 October 2022, according to its year end financial results.

The results, which were published today (31 July 2023), revealed that ebitda grew from £9.9m to £12.4m year-on-year, while revenue increased from £45.1m to £56.7m in the same period.

Gross written premium (GWP) placed by the group also rose from £240m to £308m during the reporting period.

This came on the back of organic growth, which was recorded at 10% during the year, as well as targeted acquisitions.

Clear Group bought five brokers during the year to 31 October 2022, including Kent Insurance Brokers (January 2022), LawSure Direct Limited (July 2022), GSI Commercial Services LLP (July 2022), ProAktive Holdings (July 2022) and Revolutionary Services (July 2022).

Had the broker owned the five businesses for the full financial year, the firm’s revenue would have sat at £68m, its statement said.

Its pro forma ebitda would have also totalled £17.3m, were the acquisitions results taken into account across the whole year.

Mike Edgeley, The Clear Group chief executive, said: “2022 marked an exceptional year for The Clear Group, achieving strong growth both organically and geographically through selective acquisitions.”

Financial outlook

Clear Group’s results came after Goldman Sachs Asset Management acquired a stake in the broker in June 2022 to support the next phase of its growth strategy.

So far in 2023, Clear Group has completed six acquisitions.

Edgeley said: ”The new investment from Goldman Sachs is great testament to our long-term strategy to broaden our capability and international reach.

”So far during 2023, we have already completed six further acquisitions and have a strong pipeline in place.

“This will see us add strength to our specialist niches, wholesale, MGA and London market opportunities, as well as expanding our presence in Europe.”