Group confirms talks with a number of potential acquisitions
Cooper Gay has announced an earnings increase of 32% for the financial year ending 31 December 2007.
In a statement, the group said its earnings before interest, taxes, depreciation and amortization (EBITDA) was £15.8million (2006: £12.0million), an increase of 32%.
Group revenue was £68.1million (2006: £66.3million), an increase of 3%
The group stated that the completion of the purchase of the remaining minority interests in Cooper Gay France and Creechurch International Underwriters and the acquisition of a business portfolio and transfer of employees from CRS Group (London) were amongst its highlights.
It is currently in discussions with Heath Lambert about acquiring its international wholesale, reinsurance and aviation divisions, and has recently been linked with floating on the London Stock Exchange.
Toby Esser, group CEO, said: “2007 has been an excellent year for the Cooper Gay group.
"While it is always satisfying to show an increase in revenue, we are particularly pleased with the underlying growth in EBITDA of 32%. This is the true indicator of our company’s financial performance.
"We believe this financial performance will give us a very firm base from which to pursue our growth strategy through strategic acquisition opportunities in the UK and overseas.
"We are continually looking for businesses and specialist teams that have a good fit with our strategic objectives. We are currently involved with a number of acquisition opportunities which are at varying stages of development.”
