GWP up by 39% to over a quarter of a billion pounds
Oval, backed by investment trust company Caledonia Investments plc, has released it results for the year ending 31st May, 2007.
Group revenues increased by 27% from £47 million to £60 million and Oval’s insurance broking division grew its gross written premium to in excess of £250 million.
Its Financial Services division has over £3 billion under advice. On an annualised basis – including the full-year impact of companies acquired in the last accounting year – group revenues are now in excess of £70 million, confirming Oval’s status as a leading national player in the UK insurance and financial services market.
Earnings before interest, tax, depreciation and amortisation before one-off costs increased by 19% to £11.7 million.
Oval’s acquisition strategy has continued apace, facilitated by loan facilities provided by Barclays and Lloyds. Eight acquisitions were completed between September 2006 and May 2007, and a further five acquisitions have completed since the end of May.
Highlights of the year:
· Gross written premium – increased by 39% to in excess of £250m
· Turnover – up by 27% from £47m to £60m
· Annualised turnover – up to £70m
· Profit before tax – up by 6.5% from £3.7m to £4.0m
· EBITDA – up by 19% from £9.4m to £11.7m (including interest receivable)
· Eight acquisitions completed in the 12 months since 1 June 2006
Chairman Oliver Stocken said: "We are very pleased with Oval’s performance this year. Not only with our financial results but also with the quality of the people and clients we are attracting and the businesses we have acquired.
"Our acquisition pipeline is strong and we remain committed to a strategy to build a strong, national, independent insurance and financial services business through high-quality acquisitions and investment in our underlying business. We expect the next 12 months to be very exciting for Oval.”
Chief Executive Officer Phillip Hodson added: “As ever, we attribute our success to putting our clients and our staff at the top of our list of priorities. When they are looked after, success follows.
"Furthermore, we are strongly committed to Oval following an independent, composite model providing both insurance and financial services. Our acquisition of Futurity was our first acquisition of a stand alone financial services company, which demonstrates our continued plan to develop both our broking and financial services businesses”