News blog
CBG
- BY: Andrew Hore |
- POSTED: 18/03/2008 |
- COMMENTS: Add yours
Insurance broker CBG increased its profits by 59% in 2007.
Profits before amortisation and exceptionals moved ahead from £1.2m to £1.91m, on revenues up 44% to £7.44m. The final dividend was 20% higher at 0.6p a share.
The company’s strategy of becoming a consolidator in the insurance broking sector is working well. The cash generated from the businesses has more than financed the deferred consideration. There is cash of £1.92m in the balance sheet. There are also borrowings of £2.38m, although they mainly relate to the Exius premium finance division.
CBG has concentrated on north west England but last year it bought Marcus Hearn & Co, which is based in Shoreditch, London. It has been renamed CBG London and CBG plans to build up this business. One of its attractions was its niche products, such as travel insurance. These products can be sold through the other parts of the business.
The purchases of shell company PenMc and insurance broker Barclay Brown were completed after the year end.
Two of CBG’s executive directors bought additional shares after the results were issued. The shares rose 6.5p to 153.5p, valuing CBG at £21.2m. The shares are trading on a historic rating of 16 times earnings.
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