News blog
CBG Group
- BY: Andrew Hore |
- POSTED: 18/01/2010 |
Insurance broker CBG Group reassured the market that its 2009 figures will be in line with management expectations.
At 56.5p a share, up 10p on the day, CBG is valued at £8.85m.
The trading statement coincided with the initiation of research by Daniel Stewart. The broker forecasts a fall in profits from £2.2m to £1m as revenues fall from £11.1m to £8.9m. The shares are trading on just over 12 times estimated 2009 earnings. The broker’s target price is 59p a share.
A recovery in profit to £1.5m is expected for 2010 even though revenue growth is expected to be modest. Insurance rates are forecast to harden in 2010.
Last Thursday, managing director Mike Askew bought 17,000 shares at 45p each and finance director Martyn Hughes acquired 14,000 shares at the same price. On Friday, executive director Stuart Mollekin bought 10,000 shares at 44.55p each and non-exec Robin Slinger acquired the same number of shares at 43.85p each. Askew owns 2.75% of CBG and Mollekin owns nearly 1%.
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