CBG ready to raise the bar
INSURANCE broker CBG Group said today its “buy and build” strategy is paying dividends as it revealed a 17% hike in profits.
The Manchester-based broker hailed its “impressive results’ and chairman Laurie Turnbull shrugged off the economic gloom and said CBG is looking to “notch the bar up again”.
In the 12 months to December 31, CBG said revenue rose almost 50% to £11.1m from £7.4m last time. Pre-tax profit was up from £2.1m to £2.6m.
Mr Laurie said that the group, which recently moved its 100-strong workforce to new premises at Southmoor House in Manchester, is continuing on the acquisition trail after recently adding Barclay Brown and EDN to its stable.
He said the group’s investment in new facilities and technology contributed to the group’s results and it is well prepared to drive the business forward and deliver value to clients and shareholders.
Mr Laurie added: “We live and work in interesting times and situations evolve and change as do market conditions, reporting our results for 2008 one cannot help but reflect on the changes from the commencement of the year which are totally different from the way it ended.
“In CBG we responded to the changes and maintained our drive to excel. We are well placed to continue to deliver value to our clients and shareholders and look forward not with trepidation but with an appetite to notch the bar up again.”
CBG upped its final dividend payment by 10% to 0.66p per share.
