Broker turnover jumps 11% to £28.7m
THB Group today announced preliminary results for the year ended 30 April 2007.
Highlights include:
Turnover up 11% to £28.7m (2005/06: £25.8m)
Operating profit up 20% to £2.9m (2005/06: £2.4m)
Profit before tax up 31% to £2.43m (2005/06: £1.85m)
Gain on sale of discontinued operations £2.3m
Earnings per share up 69% to 13.1p per share (2005/06 restated: 7.8p)
Dividend raised by 11% to 5.1p per share (2005/06: 4.6p).
Commenting on the results, Clive Williams, non executive chairman of THB, said: “THB has performed particularly well in the face of challenging market conditions in a number of its core operations throughout the year.
"THB is committed to building on its core strength in the London insurance market, increasing its focus on specialist areas, where it can provide excellent value to clients and deliver higher operating margins for the benefit of its shareholders. ”
Vic Thompson, the group’s chief executive, said: “The acquisition of FiSure Holdings, which was completed during the year, is an excellent fit with THB, building on our skills in advising on professional indemnity and financial risks.
"We continue to look for further acquisition opportunities in the London market amongst mid-tier firms with a good cultural and business fit with our existing operations.
"In addition, we are already working to extend our reach in the international arena, both directly and through a new partner, Globesure.
"Our strength lies in our ability to react quickly to changing conditions to meet our clients’ needs and support the market.
"We are not only well placed for continued growth and success, but excited at the prospect of delivering both top and bottom line growth.”
