Author:
Martin Friel, Insurance AGE
Source:
Insurance Age | 30 Sep 2011
Cobra has
posted a £1.74m loss despite growing revenues to over £24m.
The broking
firm put the loss down to a goodwill impairment charge of £1.5m.
According to
the group this was primarily associated with the sale of the business and
certain fixed assets of its insurance broking operations in Caterham and Alton
to ASG Risk Management, a subsidiary of Aston Scott Group.
Like for
like EBITDA increased by 35% to £2.42M (2010 EBITDA after adjustment of one off
other income of £1.39m was £1.79m).
Steve
Burrows, CEO of Cobra said: “Market conditions continue to be challenging, but
our trading results illustrate that through the continued achievement of
synergies from past acquisitions, Cobra has continued to achieve commission
growth. We continue to evaluate our business mix.
“The post
year end disposals will enable the group to focus on organic growth in core
revenue areas and provide funds for new projects. The group will continue to
reduce its operating costs over the next 12 months.”
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