Aston Lark hails revenue progression following merger completion

No comments

The group now operates from 25 UK offices, employing over 770 people and places £330m GWP

Aston Lark has said it is “absolutely delighted with the progress of the Group since it was created,” after reporting steady growth on all fronts in its 2018 year-end results.

The merger between Aston Scott and Lark was agreed in September 2017, and the group says the integration between the two companies was completed within nine months.

And now, after that merger was completed, the group has reported that:

Revenue increased 11% to £57.4m in 2018
Organic revenue growth of 3%. A positive result against a backdrop of a highly competitive market and the economic environment.
EBITDA growth of 16%
Adjusted EBITDA* of £19.2m for 2018, increasing to nearer £24m as a result of acquisitions completed to June 2019.

Acquisitions

As well as the 3% organic growth, the group has acquired several smaller brokers.

In March 2018, the group bought Ingram Hawkins & Nock Limited, while in July that same year, it acquired Michael James Insurance Property Services LLP and in September 2018, Pharos Insurance Brokers Limited.

And in the time leading up to June 2019, the group has brought on more companies.

Dublin-based Robertson Low Insurances Limited, Highworth Insurance Limited, which is based in the South region, and Jobson James Insurance Brokers Limited, a Birmingham based chartered insurance broker specialising in the rail sector.

This has led to the group growing dramatically in size, now operating from 25 UK offices, employing over 770 people and placing £330m GWP into the insurance market.

“Secure our independence”

Peter Blanc, chief executive of Aston Lark Group commented, saying: “We are absolutely delighted with the progress of the Group since it was created and thrilled by the recent announcement in May 2019 that Goldman Sachs Merchant Banking Division will, subject to regulatory approval, acquire a majority stake in the business.

“When the transaction completes it will secure our independence for the foreseeable future to enable us to continue acquiring like minded brokers and employee benefit advisors to create the UK’s most trusted Chartered Insurance Broker, servicing our clients’ needs across a broad spectrum of products all delivered with passion, integrity and expertise.”

Blanc then turned toward the res of 2019, which he said is turning into a “special year.”

“This is turning into a special year for Aston Lark,” he said. “And the business is well positioned to progress over the coming months and years with a continued focus on organic growth as well as considering further selective strategic acquisitions as part of our growth plans.

“We expect to announce further activity in the coming months whilst placing care for our clients, staff and reputation as a national broker at the core of everything we do.”