CBG revenue up 50%

CBG Group has reported a 49.9% rise in revenue in it its full year results for the year to 31 December 2008.

The Manchester based broker posted a revenue of £11.15m (2007: £7.44m) and reported a 21.2% increase in adjusted EBITDA to £2.6m (2007: £2.15m).

The company's adjusted pre-tax profits rose 17.5% to £2.25m (2007: £1.91m).

CBG, which completed two acquisitions last year - Barclay Brown and EDN - said they had both been fully integrated. The broker also raised £1.65m via oversubscribed placing at 120p and transferred over 100 staff to a new head office in Southmoor House, Manchester, which it said resulted in "significant cost savings and increased cross selling opportunities."

Laurie Turnbull, chairman of CBG, said: "We are pleased to announce another set of very impressive results, especially in the current economic climate. CBG has, for the past six years, demonstrated continual growth organically and through acquisition. Last year we successfully completed two acquisitions in the North West and we're continuing to look for further opportunities.

"We have a solid business model of organic growth augmenting a selective acquisition program. This enables us to deliver a complete service to our clients including insurance broking, financial services and healthcare. Our management teams are dedicated to enhancing shareholder and customer value. Having invested in infrastructure and technology we are now in a solid position to take the business forward across the Group and delivered another year of excellent results.