The Lark Group results for the year ended 31 December 2014 saw increased turnover and EBITDA despite the competitive and challenging conditions faced in all of its business sectors.
2014 (£0,000s) 2013 £0,000s % Change
Turnover £26, 106 £24,523 6.5%
EBITDA £6, 336 £5,995 5.7%
EBITDA Margin 24.3% 24.4%
Turnover has increased 6.5% to £26, 106,000 and EBITDA 5.7% to £6,336,000 .
In the period following its acquisition on 9 July 2014, Insurance Risk Solutions Limited contributed 3.3% of the 6.5% increase in turnover and 1.0% of the 5.7% increase in EBITDA .
The remaining increases of 3.2% in turnover and 4.7% in EBITDA resulted from organic growth.
The EBITDA margin of 24.3% remained in line with the prior year. Profit before tax for the year was £3,325,000.
Graham Lark, Chairman says
"We are pleased with the Group's continued growth and progress. Although the trading environment remains highly competitive in both our Insurance Broking (Commercial and Personal Lines) and Employee Benefit sectors, we have managed to develop an increase in turnover via organic growth and this together with control over our cost base, contributed to the improvement in EBITDA.
To keep pace with a rapidly changing environment, the business has made significant investment in upgrading its IT Infrastructure to newer technology, the benefits and efficiencies of which should materialise in the future.
The business continues to benefit from the continuity brought by its long serving senior management and staff and we are highly encouraged by the acquisition of Insurance Risk Solutions Limited and the way their staff have seamlessly integrated into the culture and aims of the business.
We believe the business is well positioned to progress with a continued focus on organic growth whilst considering selective strategic acquisitions when the right opportunities are generated."