Ardonagh sees modest income rise

The Ardonagh Group recorded a 1.6% rise in income to £160.1m and a 10.9% increase in adjusted EBITDA to £43.6m for the first three months of this year.

The group’s trading statement detailed that its specialty arm recorded the largest rise, recording underlying organic growth of 10.7. It’s advisory business was up by 6.1%, supported by bolt-on acquisitions and continued organic growth across Towergate Insurance Brokers, Health and Protection and Footman James.

Underlying organic growth in retail, excluding Swinton, was marginal at 0.9%, supported by improved retention, whilst adjusted EBITDA increased from £18.4m to £20.1m including cost reductions from the Swinton integration programme.

Group CEO David Ross insisted that the COVID-19 pandemic and lockdown measures had had a limited impact on Ardonagh.

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