But EBITDA rises by a quarter to £9.1m
Cooper Gay and Company posted a 53% drop in profits over 2012 as profit on ordinary activities before taxation fell to £2.5m from £4.7m.
The results are despite organic growth of 5% over the year compared with 2011, with total turnover rising to £46.7m from £44.4m. Expenses at the company rose sharply to £45m from £40.2m, with the company citing foreign exchange rates as the main driver behind the increase.
The insurance and reinsurance broking group did manage to grow earnings before interest, taxes, depreciation and amortisation (EBITDA) by a quarter. EBITDA for 2012 was reported as £9.1m compared with £7.3m for the previous 12 months.
Cooper Gay and Company also reported significant improvements in Latin America. Brokerage and commission profits in the region rose to £16.4m for 2012, up from £12.7m in 2011.
Chief executive Sam Hovey said: “The company faced a challenging year in 2012 but our earnings continued to increase, which is an excellent result in a difficult market.
“The strategic investment in both the energy business and areas where the company has a significant relationship with other group companies continues to produce positive results. We continue to explore all avenues for growth, both organically and through investment.”
No comments yet