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Ardonagh loss reaches £94m despite ‘strong’ performance

Ardonagh has announced that it made a loss of £94.1m during the six months ended 30 June 2020.  

Despite its operating result improving by £29.1m, this was offset by one-off financing costs of £81.6m and a £5.7m decrease in the tax credit in the year, according to the group.

In addition, group income fell by 3.7% or £12.6m to £324.8m in the same half-year period.

Nonetheless, Ardonagh said it has delivered “strong” results despite the pandemic, with EBITDA growing by over 30% to £81m.

The insurance group added that trading in July and August 2020 is materially ahead of the prior year, however. 

David Ross, CEO, said: “These financial results illustrate a very limited profit impact from Covid-19; a testament to our business resilience, diversification, scale and the highly successful investment in infrastructure over the last three years. 

“Nothing about this period was business as usual, and yet 90% of our people were able to work from home within three weeks from the beginning of lockdown in March, and we carried on dependably delivering for our customers. 

He added: “I’d like to take this moment to recognise the ingenuity and dedication shown by the 7,000 people throughout the business; from the managers personally delivering laptops to get contact centre teams set up at home, to our Advisory brokers guiding clients through their risks and insurance requirements as the world around them changed.

“With new ways of working bedded in, and growth already evident in the second half of the year, we look forward with confidence in the proven resilience of the group.”

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