Oval’s profits and turnover rise

by Richard Kilner

Story link: Oval’s profits and turnover rise

Oval, which is backed by Caledonia Investments plc, has announced its results for the year ending 31st May, 2007.

Group revenues went up from £47m to £60m, a rise of 27% and the firm’s insurance broking division expanded its gross written premium to over £250m.

Oval’s Financial Services division has more than £3 billion under advice. Group revenues are in excess of £70m, on an annualised basis, reinforcing the firm’s place as a leading player in the UK.

Earnings have also increased, by 19% to £11.7m, (before interest, tax, depreciation and amortisation before one-off costs).

Loan facilities provided by Barclays and Lloyd’s have allowed Oval’s acquisition strategy to continue, making eight acquisitions in the year ending May 2007, and five more since then.

Profit before tax has also risen, from £3.7m to £4m, an increase of 6.5%.

The firm’s chairman, Oliver Stocken, expressed his pleasure at Oval’s performance in the last 12 months, not merely in financial terms, but also in the progression of its acquisition of new businesses and the quality of clients and people attracted.

Stocken added that the next year was a very exciting time for the firm.

Phillip Hodson, Oval’s CEO, explained that the firm’s success was rooted in its prioritisation of staff and clients, with success naturally following when staff and clients were treated well.

Hodson also stated that the firm would remain an independent, composite business that offered insurance and financial services.