New management claims underlying broking profit rises 43%

Specialist broker THB Group has announced an 18% increase in fee and commission income, and a 43% year-on-year increase in broking profit.

Financial highlights (2008 in brackets)

  • Fees & commissions £46.2m (£39.0m)
  • Underlying broking profit £5.3m (£3.7m)
  • Underlying broking margin 11.5% (9.6%)
  • Profit before tax £0.6m (£0.6m)
  • Underlying profit before tax £3.6m (£3.5m)

Group chief executive, Frank Murphy said: “We are proud of this result, achieved despite markets not hardening as many predicted and interest rate reductions meaning significantly lower investment returns.

“Whilst external factors such as harder rates, a more beneficial investment environment and the stronger US dollar are all potential upsides to THB in the next year, we are concentrating our efforts on factors within our control – driving growth and margins.

“THB has significant potential that this management team is determined to unlock.”

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