The Board of Seventeen Group Limited are pleased to report that their 2015 audited Consolidated Financial Statements have been filed.
The Group is a multi-disciplined insurance and risk management organisation, trading as James Hallam Limited (including Arnold Fisher and Annandale Insurance), Touchstone Underwriting Limited and 4Sight Risk Management Limited.
Key headlines of the results are:
- Group revenues exceeded £10M for the first time, an increase of 6.4% over the previous year
- EBITDA for the year increased to £1.64M
- Bank borrowings decreased over the year from £3.35M to £3.27M
- Two acquisitions were made during the first part of 2015, Richard Thompson & Partners Limited (a London based broker specialising in marine and credit business) and Professional Insurance Advisers Limited (a general broker based in Rickmansworth, Hertfordshire but since moved into Group premises in Watford).
Commenting on the results, Group CEO Paul Anscombe comments:
“The end of 2015 and beginning of 2016 saw a number of structural changes within the Group, which has resulted in our founder and long-term Chairman Alan Turner moving to the position of Life President. Paul Turner being appointed Chairman in his place and myself stepping up from Group Managing Director to Group Chief Executive Officer. Diana Bratt, previously Group Operations Director has joined the Group board and Howard Fryer became a Director of James Hallam Ltd.
The restructure reflected the growth plans for the business, which continues to develop as a truly independent insurance group. In March 2016 we acquired Annandale Insurance Brokers, a long established broker based in Dumfries, Scotland which strengthened the Group’s position north-of the-border, having a long established corporate presence in Glasgow.
2015 also saw a number of significant investments in the existing business, including an IT platform move onto Acturis for James Hallam plus investment in new staff, particularly in our specialist and mid-market propositions. We also commenced projects to become a Chartered Firm and a Lloyds Broker, both of which were finally achieved in 2016. In mid-2016 we also recruited a specialist Sports Team to be based in our City office and have strengthened our ‘ProMed’ specialist healthcare sector team through a senior appointment.
We have a very clear strategy for growth, both organically and through acquisition, and have a number of exciting opportunities for 2016 and beyound."
Paul Turner, Group Chairman added “The Group has come a long way in recent years and is well positioned to take advantage of opportunities within the market place to continue its growth, for the benefit of employees, shareholders, clients and other stakeholders.”