The Ardonagh Group (Ardonagh) has today announced its trading results for the nine months ended September 30, 2022 – and it has been a strong period for the UK broking giant.
Ardonagh saw its income rise 34% year-on-year to £905.1 million, with its adjusted EBITDA up 19.6% to £285.6 million. The group’s organic growth also saw an uptick of 6%. This was attributed to strength across its specialty, international and advisory platforms as new producer hires hit maturity and new growth initiatives were deployed.
The group’s operating costs spiked 41.8% in the 9M period, hitting £619.5 million - up £182.5 million from £437 million in the prior year period. Meanwhile, unlevered free cash flow was £246 million for the 12 months to September 30, 2022, and the group revealed it had £795 million available liquidity as of September 30, 2022.
Commenting on the results, group CEO David Ross said Ardonagh’s strong performance continued into the third quarter and highlighted how the diversity of its platforms is providing “a great hedge against volatility in any single geography or product.
“We will continue to build our global momentum with a clear and disciplined approach to acquisitions,” he said, “executing on organic and operational excellence initiatives, and continuing to foster a high-performance client-centric environment for our 9,000 people.”
