Heath Lambert reports “steady and consistent progress”
by Gill Montia
Heath Lambert Limited, the independent insurance broker and employee benefit consultant, has issued a trading update ahead of the publication of its 2007 results.
Last year, the group generated recurring UK operating revenue of £113.1 million, while earnings before interest, tax, depreciation and amortisation rose 6% on 2006, to £18.5 million.
The broker recorded strong year-on-year income growth from its operations in Leeds, Sheffield and Newcastle; Retail Personal Lines income grew by 13%, as a result of new schemes and e-commerce growth.
The group’s consulting/employee benefits division recorded a 7% rise in income and its specialist retail units also showed income growth as follows: Transportation Division 9%; Credit and Surety 7%; UK Construction 5%.
However, Heath Lambert’s international wholesale portfolio fell in value by around 15%, partly as a result of fluctuations in the US dollar exchange rate.
New business levels were down on those achieved in 2006 but client retention figures remained sound, supporting organic growth.
Adrian Colosso, Chief Executive Officer of Heath Lambert, said: “2007 continued to present challenges to the entire insurance industry. There has been ongoing consolidation in the industry and significant turmoil in the financial markets. So we are delighted to have made such steady and consistent progress during the year and to have improved the overall corporate performance of the Group.”