Chief executive pledges to grow organically.
Jelf Group chief executive Alex Alway has pledged to devote further resources to organic growth after reporting a 16.3% overall increase in turnover across the business in its interim results.
The South West broker saw organic growth increased by 13% in its general insurance business, and healthcare was up 33%. Gross written premiums were up to around £240m in the six months ended 31 March.
Group turnover rose by 49.3% to £25m and pre-tax earnings increased by 85% year on year to £3.1m.
Alway said organic growth was vital in the difficult market conditions. “Organic growth is a key part of the activity,” he said.
“We are very successful in cross-selling and will look to increase the opportunities in that area.”
In the past six months, Jelf spent £12.1m on acquisitions.
In February, the group raised £45m in equity following investment from private equity firm 3i. Alway has not ruled out raising further capital from existing investors and said opportunities for acquisitions will continue.
“We need to see how the market develops over the next 12 months and how we can work together,” he said.
