GRP reports strong financial results despite £17.9m loss

Global Risk Partners has reported an income growth of 25% to £139m for the financial year ending 31st March 2019, while Ebitda reached £50m, a 42% increase on the previous year.

Operating profit rose by 173% to £27.8m (£10.2m in 2017-18), an increase the firm said was driven by some 18 acquisitions it secured in 2019. Turnover improved by 48% to £112.1m.

Meanwhile, the reports and accounts featured a loss before tax of £17.9m, a slight improvement compared with the £20.1m loss reported the previous year. The company stated that this was due to the technical accounting treatment of its financing costs, amortisation of goodwill, central finance and acquisition costs.

Group managing director of GRP, Mike Bruce said the results were fuelled by a combination of “organic and acquisitive growth, plus benefits accruing from GRP’s major focus on integration”.

Bruce said the firm is now “fully focused on growth through acquisition and integration of regional brokers, MGAs, portfolios and teams, and high-quality third-party financing remains in place to support GRP’s capital base and to invest in further expansion.

“We accelerated the number of deals completed in FY 2018-19 from the previous year, and the trend has continued during the new financial year, with 13 since the end of March,” he said. “Our model, which empowers our hub businesses to leverage their local and market relationships to deliver local ‘spoke’ acquisitions, means that our pipeline is stronger than ever.”

GRP chairman Peter Cullum, said that the firm has “again enjoyed an excellent year of strong and sustainable growth.

“GRP has continued to set the pace during the course of 2018, maintaining our strong track record on acquisitions and delivering the fruits of our investment in integration,” he added.

The firm has completed 53 acquisitions since its establishment in 2013. It manages nearly £800m in GWP.

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