UK arm of US broker’s EBITDA improves 20%
Arthur J Gallagher has reported a 25.4% hike in turnover to £214m last year in the UK.
The US-headquartered broker does not publish consolidated accounts for international operations, but said in a statement that its EBITDA margin of its UK business had improved by 20%.
The statement was released as two of Gallagher’s larger divisions filed their results at Companies House.
Pre-tax profits at Arthur J Gallagher (UK) Ltd jumped to £13.1m compared with a £0.3m loss in 2011. “The profit is attributable to the completion of its integration strategy, the synergies released as a result of this integration and the strong trading performance in the year,” chief financial officer Mark Mugge wrote in the accounts. Turnover climbed 15% to £74m.
Lloyd’s broker Heath Lambert recorded a £16.9m pre-tax loss compared with a £6.6m profit in 2011, due to a £8m technical impairment charge for the sale of a business within the group and integration costs. Turnover increased 4.4% to £73.2m.