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CBG

• BY: Andrew Hore |
• POSTED: 23/08/2007 |
• COMMENTS: Add yours

Insurance broker CBG reported a 43% increase in interim pre-tax profits to £718,000. 

Revenues increased 48% to £3.15m in the six months to June 2007. Operating margins are still around 25% and it will be difficult to maintain them at that level let alone improve them. The margin is much better than rivals such as Jelf.

There was little contribution from Macclesfield-based insurance broker Baskeyfield which was acquired during June. It generated profits before payments to its partners of £358,000 in its most recent year. It will make a second half contribution and also brings with it a mortgage advisory business. This is business that was passed on to outside firms in the past but can now be channelled through Baskeyfield.

Earnings per share are expected to increase to around 10p this year with more than 20% growth forecast for 2008. That doesn’t take into account any additional acquisitions. CBG raised £3m this summer so it has a strong base from which to do more deals.

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