Operating profits up but below expectations
Cobra Holdings has reported a pre-tax loss of over £21,000 for the fifteen months to the end of 31 March 2008.
In the previous period, the 12 months to 31 December 2006, Cobra reported a pre-tax profit of £297,000.
The broking group’s operating profit rose to £1.8m, up 19% on a like-for-like annualised basis. Revenue increased by 68% on the same basis.
Cobra said: “Whilst the results for the full period show a significant improvement in group revenues and underlying EBITDA, they have fallen short of expectations at the time of listing on AIM [in July 2007].”
The group attributed this to losses made by the group’s Lloyd’s operation Cobra London Market; and the detrimental impact on insurer profit shares of last year’s floods.
“The impact of these factors on the level of underlying EBITDA has been partially mitigated by a creditable underlying performance in difficult trading conditions in most of the croup's businesses,” Cobra said.
