Ardonagh Group losses widen in latest results

The Ardonagh Group has announced that its losses widened to £133.2m in the nine months ended 30 September 2020, down from a loss of £65.7m the prior year. 

Total income rose by £14.1m to £519.5m in the same period, however, while adjusted EBITDA grew by 14.4% to £165.2m.

A key driver of this was the firm’s merger and acquisitions activity, paired with underlying organic growth of 2.2% for the quarter.

In addition, the group noted that there was a “limited financial impact” of the pandemic on the group, with income impacts “predominantly” limited to the second quarter of the year, “substantially” offset by additional cost savings in the period.

David Ross, group CEO, said: “Seven weeks after reporting our half year results we are pleased to confirm the strong trajectory into the final quarter of 2020. 

“Ardonagh has continued to deliver significant synergies from the integration of acquisitions and leverage combined scale and best practices across the businesses.”

The firm also reported a £6.7m fall in operating costs from the same period last year, providing the company with an adjusted EBITDA margin of 31.8%.

Ross added: “Our people have continued to react to the changing needs of customers and collaborate on solutions. 

“Our latest results once again reflect the dedication, scale and diversity of our resilient business, having welcomed hundreds of new colleagues into the group.” 

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