Brokerage rises 15% on organic growth, says chief King
Lloyd’s broker RFIB’s brokerage for the year ended 30 June 2010 was up 15% compared with the 2008/09 financial year, despite soft rates, heavy competition and low organic growth at its larger rivals.
“It is a solid result given there were no company acquisitions or any other major drivers,” RFIB chief executive Marshall King said. “The increase has been driven by organic growth plus the coming to fruition of major investments in people over the past several years.”
Total turnover increased 13% to £43.5m in 2009/10 from £38.3m the previous year. The turnover growth rate was lower than that for brokerage because of a decline in interest income.
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