Business

Aston Lark reports boosted revenues in 2019

Aston Lark has announced that revenue rose by 25% to £71.6m in its 2019 results. 

It comes as the group presented its first set of financial results since its majority stake acquisition by Goldman Sachs Merchant Banking Division on 2 September 2019.

As the new group had a short first accounting period in 2019, the latest financial results are presented on a full-year basis up to 31 December 2019, “as if the group had been in existence from 1st January 2019 together with the 2018 comparatives”.

In its latest update, the real estate insurer noted that organic commission and fee growth rose by 3.4% in the period, marking a “positive” result against a backdrop of a highly competitive market and the economic environment.

In addition, EBITDA soared by 30% in 2019. 

Aston Lark also completed six acquisitions in 2019, crating a group that employs over 900 people in 30 offices across the UK and Ireland, placing £440m GWP into the insurance market and generating over £85m of revenues servicing clients.

The acquisitions include Robertson Low Insurances Limited, Highworth Insurance Limited, Jobson James Insurance Brokers Limited alongside Jobson James Consulting Limited, Buckland Harvester Insurance Brokers Limited, Protean Risk Limited and Wright Group Brokers Limited .

Peter Blanc, group CEO, commented: “We are delighted with the progress we have made and are thrilled to have completed the investment by Goldman Sachs. 

“2020 is turning into a year which we would never have imagined in January. The outbreak of the Covid-19 pandemic across the globe has not only had significant human and economic impact but has also caused massive disruption for businesses across the UK.”

He added: “To date our trading performance has held up extremely well, although we are acutely aware of the ongoing impacts of the pandemic and we will continue to closely monitor the operational, financial and macro-economic impacts as they play through. 

“Despite Covid-19, the business is not being distracted from its aims of considering further selective strategic acquisitions as part of our growth plans.  We hope to make further announcements soon as we continue to complete deals in our healthy pipeline.”

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