Seventeen Group is pleased to announce its financial results for the year ending 31st December 2021.
The Group reported a 27% increase in revenue over the prior year from £24.5m to £31.2m and increased EBITDA from £3.57M to £4.82M.
This growth was fuelled through strong trading within both James Hallam and Touchstone with new business income exceeding £4.5M. In addition, there was a partial contribution from acquisitions made during the year, namely Ryan’s, PRS and Christopher Rowe. The figures also include, for the first time, results for London Re, Seventeen Group joint venture EU Lloyds broker based in Germany.
Divisions previously impacted by the Covid pandemic started to show a recovery during 2021. Whilst not fully back to pre-covid levels, the position continued to improve through 2022 and this trend is expected to carry on.
Seventeen Group CEO Paul Anscombe comments as follows:
“We are delighted with our Group performance in 2021. Organic growth was strong and acquisitions made during this period performed ahead of expectations.
Our progress has continued into 2022, with further acquisitions made plus the creation of a new Events team. As a result of our continued growth, we refinanced with Ares during 2022 which provides a long-term capability to make further acquisitions.
These are clearly difficult times worldwide and the insurance market will inevitably be impacted as a result of such challenges. Consequently, clients need risk advice more than ever before from trusted advisers and so we see huge opportunities to grow”.