Revenue: £52.8m up 12.8% from £46.8m in 2015
EBITDA: £10.6m up by 13% from £9.4m in 2015
Profit before tax: £0.6m down from £7.1m in 2015 as a result of £9.6m of losses on future hedging contracts incurred. This is an accounting requirement only and not a cash impact and will be self-correcting as the hedging contracts mature. This is due to the requirement to revalue future hedging contract losses at the closing ROE at December 2016.
Christopher Spratt, Chairman, Tysers says:
“As a well-established and highly respected mid-market (Re) Insurance broking business, much of our success had come about through our stability, our ability to grow organically and by being true to our business model and principles. We understand what we are good at and are committed to providing specialist rather than generic solutions. We believe we are in an excellent position to benefit from the corrective ‘flight to quality’ which will occur as necessary adjustments are made across the Market – by both (Re)Insurers and our broking peers.”