‘Terrific momentum’ - Gallagher hails 2019 as UK storms ahead

Gallagher boss Pat Gallagher hailed another impressive set of results, with the UK storming ahead.

The international division, led by the largest part which is the UK, posted 8% organic growth in the second quarter. 

The UK was boosted by 5% increases in pricing overall, with retail pricing at 3% and wholesale pricing increasing 8%.

The strong UK and international results were against a backdrop of a solid group performance, with net earnings up 8% to $138m compared to the same period last year.

Revenues were up 13% to $1.13bn.

Gallagher said the firm had four key aims - organic growth; growth via acquisitions; improve quality and productivity; and to maintain its unique culture.

“Once again the team delivered on all four of our strategic priorities and I couldn’t be more pleased. We really do have some terrific momentum,” the Gallagher chief executive said to analysts. 

Acquisition pipeline 

Gallagher said he had met the 2019-acquired Stackhouse Poland team and JLT aerospace staff, and ’couldn’t be more excited about them joining our team’.

Gallagher said there was a $400m acquisitions pipeline, with 50 deals agreed or being agreed.

“Our pipeline is still very strong and full of small tuck-in opportunities, run by entrepreneurs with excellent sales skills and client relationships,” he said.