Business

The Ardonagh Group reports 26% rise in income in full-year results

Insurance broker The Ardonagh Group has announced a 26.6% rise in income to £667.5m in its full-year results.

In the 12 months to 31 December 2019, operational integration and a focus on growth initiatives delivered a 66.4% increase in Adjusted EBITDA to £183.4m.

The group also announced it finished the year with a liquidity position of £181.7m.

Chairman John Tiner said: “Ardonagh’s resolute commitment to achieving operational efficiency, growing new areas of the business and effectively integrating accretive acquisitions shines through in the substantial profitable growth reported in 2019.

“As the investment in transformational spend drew to a close as planned, underlying profitability has risen sharply with reported EBITDA up by 288% to £115.3 million and adjusted EBITDA rising by 66% to £183.4 million.”

He added: “Our highly diversified product portfolio, scale, efficiency and flexible operating platforms limits our reliance on any single part of the UK economy, leaving us in a strong position from which to weather the impact of the Covid-19 pandemic.

Insurance broking is an essential sector and the need for trusted risk advice is more important than ever. In these uncertain times, we remain very confident in the strength and resilience of our business.”

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