CEO David Ross says the company has worked hard to embed the structure of a group that is “unrecognisable” from last year
One year on from its formation, Ardonagh has posted its financial results for the first half of 2018.
In the six months ending on 30 June 2018, income has grown by 9.1% to £275m, while adjusted EBITDA is up 17.6% to £66.5m from the year before.
The group also posted strong Q2 results, improving on Q1 when it comes to growth. Q2 saw an 11.4% growth, compared to 6.8% growth in Q1.
Chairman, John Tiner said: “One year on from the formation of Ardonagh, these results reflect the Group’s successful strategy to combine accretive acquisitions with organic growth and effective cost management.”
Unrecognisable from last year
Chief executive, David Ross outlined the company’s top priority, as well as applauding the efforts taken to completely transform the company since its formation last year.
He said: “Our focus for the first half of this year has been on embedding the operational structure of a Group that is unrecognisable from what it was 12 months ago. That said, we remained agile and moved quickly to make strategic book buys and continued to attract a flight of talent throughout the company.
“The teams across Ardonagh can be rightfully proud of what we have achieved. With customers from motorbike riders through to renewable energy providers, no part of the insurance distribution chain works in isolation, and we’re pleased to see real value creation from collaboration within the Group.
“We were delighted to be recognised as a Top 20 insurance broker by AM Best’s Global Insurance Broker Survey, the only new entrant in a competitive field, and a reflection of our trajectory and ambition.
“We now look towards the second half of the year as the largest diversified intermediary in the UK, a platform from which we will continue to flourish.”
Ross has previously said that he wants the company to double in size within the next two or three years.
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