Business

Ardonagh sees H1 profits rise to £153.3m

Ardonagh announced that its existing shareholders have also subscribed for £350m of additional equity combined with a £550m additional committed Capex, Acquisition and Re-organisation Facility backed by existing lenders

The Ardonagh Group has reported that its income rose by 33.4% to £433.2m and Adjusted EBITDA by 53.4% to £153.3m during the first half of the year ended 30 June 2021.

The results were underpinned by 10% organic income growth in the quarter and “strong” M&A momentum in particular for the Ardonagh Specialty and International platforms.

It added that operating cash conversion for the last 12 months was maintained at 97% which resulted in strong cash flow.

Ardonagh announced that its existing shareholders have also subscribed for £350m of additional equity combined with a £550m additional committed Capex, Acquisition and Re-organisation Facility backed by existing lenders.

The firm said the combined funding will enable the group to continue executing its M&A and investment strategy at pace both in the UK and internationally.

Ardonagh CEO David Ross said: “This is an exceptionally strong set of results as the business and our clients rebound from the economic impacts of Covid-19 with vigour and confidence. It reflects the dedication of our 7,000 people and the delivery of our strategy from the leadership teams across all operating segments.

“The first half of the year marked significant international expansion with the launch of Ardonagh Global Partners and Ardonagh Europe forming our new International platform and we were pleased to welcome new colleagues from Australia, Ireland, Germany, Chile, Bermuda and the United States as well as the UK.”

He added: ““The further firepower provided by our investors is a ringing endorsement of all we have built and a strong vote of confidence in the future trajectory of our Group and the remarkable people behind it.

“We enter the remainder of the year with unparalleled breadth and diversity – a leader in each of the sectors in which operate and a phenomenal platform for growth with the virtuous circles of operational, organic and inorganic excellence at the heart of the business.”

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