Seventeen Group sees FY revenues up 23% to £22m
It also revealed that its James Hallam business grew by 28% excluding acquisitions
Seventeen Group, the insurance and risk management company, has reported a 23% increase in full-year revenues as it integrated two acquisitions into the business.
For the 52-week period ending 31st December 2019, Seventeen Group posted revenues of £22.6m up from £18m the previous year.
The 2019 result includes the second half revenues of two acquisitions (Graybrook and WPS) which were completed mid-year. If these acquisitions are excluded then the organic growth achieved is 15%. It also revealed that its James Hallam business grew by 28% excluding acquisitions, while Touchstone grew by 18%.
In addition, it reported that EBITDA increased from £2.3m to £3.1m.
Group CEO Paul Anscombe said: “We are very pleased with the progress that Seventeen Group made in 2019. We made good progress on integrating the four acquisitions made in 2018 as well as making two significant new acquisitions; Graybrook Insurance Brokers and WPS Insurance Brokers.
“Touchstone Underwriting made excellent progress during a period when market rates were flat and capacity was plentiful. During this period we invested in regional expansion of Touchstone to meet the rising need for good local underwriting knowledge and experience.”
He added: “During the year, we finalised a new funding relationship with Beechbrook Capital and are delighted with the support that we have received from Tim Johnston and the Beechbrook team.
“2019 also saw us starting work on the formation of our new EU based Lloyds Broker, London Re, which we have now launched in partnership with MRH Trowe in Germany. This enables the Group to have a solution for EU based clients and brokers and provides a huge opportunity for us in the post-Brexit world.”
