Tough year eats into turnover and earnings

Oval International Limited, the Lloyd’s broking division of the Oval Group, made a £1.1m profit in the year to 31 May 2010, down 30% on the £1.5m it made in the previous financial year.

Turnover dropped 10% to £4.9m from £5.4m, although this was partially offset by a 4% reduction in administrative expenses to £3.9m from £4.1m.

Profit before tax came in at £1.48m for the year to 31 May 2010, down 4% from the 1.53m made in the previous financial year. The company said earnings before interest, tax, depreciation and amortisation came in at £1.7m.

The company opted not to pay a dividend for the 2009/2010 year, having paid out £380,000 in 2008/2009.

According to Oval International’s Companies House filing, the downturn in global trade during 2008 and 2009 continued to challenge the marine insurance market, with shipping activity and insurance rates both under pressure throughout the period.

“The company’s result have been significantly affected by the reduced activity of a number of established clients,” the filing read. “Against this background the business had some significant achievements, both in terms of developing exiting clients and new client wins.”

Oval International 2009/2010 highlights in £ (compared with 2008/2009)

  • Turnover: 4,852,568 (5,379,479)
  • Administrative expenses: 3,900,447 (4,059,770)
  • Profit before tax: 1,476,550 (1,531,856)
  • Profit after tax: 1,063,116 (1,525,556)

Topics