The Ardonagh Group has published extracts from its 2019 unaudited financial statements, and it’s a half-full, half-empty situation.
First, the bad news: the insurance broker posted a £74 million loss for the past year. The silver lining? The group’s 2019 showing is better than how Ardonagh fared in 2018, when its loss amounted to £102.7 million.
A major turnaround, meanwhile, was recorded in terms of operating profit, which stood at £3.4 million. In 2018, Ardonagh suffered an operating loss to the tune of £51.2 million.
Broken down into operations, Ardonagh Retail and Ardonagh Advisory contributed positive numbers while Ardonagh Specialty was battered by losses. Specialty includes the group’s managing general agent business; Advisory, insurance broking; and Retail, schemes and programmes, as well as Paymentshield.
“Ardonagh’s resolute commitment to achieving operational efficiency, growing new areas of the business and effectively integrating accretive acquisitions shines through in the substantial profitable growth reported in 2019,” commented chairman John Tiner, whose camp saw a 26.6% rise in income to £667.5 million.
“As the investment in transformational spend drew to a close as planned, underlying profitability has risen sharply with reported EBITDA up by 288% to £115.3 million and adjusted EBITDA rising by 66% to £183.4 million. The group finished the year with a liquidity position of £181.7 million.”
