The Erinaceous Group, parent company of brokers Hannover Park, has announced its results for the year ending 31 March 2004, the first full results since the company listed on AIM in November 2003.
Turnover for the group's insurance services division increased by 21% during the year, up from £3.0m in 2003 to £3.6m for 2004.
Operating profits for its insurance operations also increased, said the group. They increased by 91% from £0.7m in 2003 to £1.3m for 2004.
The group put the increase down to a reduction in costs and the transfer of certain costs into central group overheads, but is said in organic terms, profit growth was approximately 15%.
Erinaceous also said it had made its application for FSA authorisation in May and was confident of achieving authorisation by the start of regulation in January 2005.
Commenting on the group's results, chairman Nigel Turnbull, said: “We have achieved a great deal over the last year with a 71% growth in earnings per share, the transition to being a listed company and the operational integration of our businesses.
“We are now well placed to grow organically and to take advantage of recent acquisitions and further acquisition opportunities. The current year has begun well with positive trading across the group.”
