Business

Ardonagh EBITDA soars 68% in 2020

The insurance group saw underlying organic income rise by 2.8%, excluding limited impact from Covid-19

The Ardonagh Group has reported a pro forma adjusted EBITA of £308m ($421m) for 2020, marking a 68% increase from the previous year.

Furthermore, the insurer saw underlying organic income increase by 2.7%, not including the limited impact from Covid-19.

Ardonagh hailed its “strong performance” as being down to the group’s “three-pillar” strategy, which combines “organic growth initiatives, accretive acquisitions and operational excellence”.

However, the insurance group’s loss for the year rose by £132.3m, primarily due to one-off costs worth £81.6m coming from Ardonagh’s July 2020 issuance of new borrowings, increased financing costs, and a higher tax charge for the year.

John Tiner, the group’s chairman, said: “Ardonagh’s focus on clients and the resilience and determination of our people, together with excellent financial results, cash flow generation, strong underlying organic and inorganic growth and a refinanced balance sheet, including a substantial M&A facility, have once again validated the Group’s business model and strategy.

“From the start of the pandemic just over 12 months ago it was clear that clients from across our uniquely diversified business, from households to care homes, from small businesses to major international companies, were facing unprecedented and severe vulnerabilities.”

He added: “As their trusted advisers, we planned our own response to the operational challenges presented by the national lockdown in a way which enabled our colleagues to seamlessly continue providing the support and guidance our clients have come to expect from us.” 

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