The Lark (2012) Limited (the holding company for the Lark group of companies, that includes Lark (Group) Limited, Lark Employee Benefits and Euromarine Insurance Services) results for the year ended 31 December 2016 saw increased turnover, EBITDA and profit before tax.
Business Highlights:
- Turnover has increased by 3.0% to £28,706,000 and EBITDA by 6.2% to £7,118,000.
- The 3.0% increase in turnover was derived predominantly from the group’s insurance broking activities arising from organic growth and new business wins and 8 months of trading from the acquisition of Euromarine Insurance Services Limited made in May 2016. The business saw encouraging levels of growth in some of its niche areas such as Musical Instruments and Film & Media.
- Profit before tax for the year increased by 29.3% to £4,699,000.
Stephen Lark, Group Managing Director said:
“We are very pleased with the Group’s continued growth and progress through 2016. Although the trading environment remains highly competitive in both our Insurance Broking (Commercial and Personal Lines) and Employee Benefit sectors, turnover increased 3.0% and profit before tax increased 29.3%.
The business has continued to commit to investment in staff development in support of our Chartered Insurance Broker status. The stability of our long serving management team, and wider employee group has provided a strong base from which to continue to deliver the professional and personal service that our clients expect.
To keep pace with a rapidly changing environment, the business has also continued to make significant investment in upgrading its IT application systems and IT infrastructure to newer technology, the benefits and efficiencies of which should materialise in the future.
In addition, our new website and enhanced digital marketing, has started to make an impact, and further development in this area will significantly improve our on-line trading capability in selected business sectors.
Following the announcement on 30th June 2017 of our merger with Aston Scott, subject to FCA approval, we are excited about the opportunities that we believe will be presented in the merged business, and look forward to working on the next phase of Lark's development.”