Seventeen Group reports 2018 results

Seventeen Group has published its results for 2018. It reported a 12.5% revenue increase, at £18.5m compared to £16.4m in 2017.

A portion of this figure – £1.3m – takes account of a number of acquisitions made throughout that year, including Rupert Burgoyne in February; specialist marine broker Everard Insurance Brokers, in July; as well as Total Insurance Service and Complete Insurance Solutions.

The balance was driven by organic new business across both James Hallam and Touchstone Underwriting. The latter is now writing over £27m GWP, the group said.

Pre-tax profit declined to just over £812,000 in 2018 from £1.27m the previous year. The drop was said to be down to the increased amortisation charges incurred following the acquisitions.

In addition, profit for the financial year amounted to £406,925 compared with £944,030.
Seventeen Group’s chief executive officer, Paul Anscombe said that 2018 represented a very solid performance by the Group.

“The acquisitions made in 2018 and earlier years have integrated exceptionally well and feel very much ‘part of the family’,” he added. “Now with annualised revenues in excess of £22m Seventeen Group is seeing an increasing number of opportunities to grow and we are in an excellent position to capitalise upon this as a long established and completely independent insurance business.”

So far this year, the firm has completed two acquisitions so far in 2019: Graybrook Insurance Brokers, and Walker Persson and Spargo.

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