Broker on the lookout for acquisitions
Lark Group has increased turnover by 10.2% in its first 2012 like-for-like results posting following the management buy-out from Groupama in August 2012.
Lark’s turnover increased from £21.4m in 2011 to £23.6m in 2012, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 12%, from £4.9m to £5.5m for the period.
The firm’s EBITDA margin increased by 0.4%, from 23.1% to 23.5%.
The acquisition of Cadogan Hanover Park in September 2011 contributed 8.1% to the increase in turnover and 9.5% to the increase in EBITDA, with the remaining 2.1% and 2.5% resulting from organic growth.
Lark chairman Graham Lark said: “We are pleased with the solid progress shown by our first set of results following the management buy-out completed in August 2012. The business continues to benefit from the continuity brought by its long-serving senior management and staff, and while the 2012 results clearly show the beneficial impact of a strategic acquisition, developing organic growth remains challenging.
“Although the trading environment remains difficult we have strong control over our cost base and so believe the business is well positioned to progress. We will continue to focus on organic growth and consider selective acquisitions when the right opportunities present themselves.”
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