CBG reports 45% increase in profits

by David Masters

Story link: CBG reports 45% increase in profits

Manchester-based insurance broker CBG has announced its results for the first half of 2008, with pre-tax profit up 45% on year.

CBG’s first half pre-tax profit was £930,000, compared to £628,000 in the first half of 2007. This equates to 6.26p per diluted share.

Shareholders will receive a dividend of 0.6p, 0.1p more than last year.

Revenues increased to £5.66 million compared to £3.15 million for the first half of last year.

12% of the increased revenues was attributed to organic growth, whilst the remainder was attributed to acquisitions.

CBG has achieved organic growth by cross-selling its advisory services to clients.

Since January this year, CBG has acquired insurance brokers Barclay Brown Holdings and Howgud Ltd, both of which have performed ‘in line with expectations’.

Chairman Laurie Turnbull said he is ‘pleased’ to inform shareholders of the company’s continued good performance.

He added that the results reflect the ‘quality and vitality’ of CBG’s staff, the company’s ’strong foundations’, and its ’selective approach to acquisitions’.

CBG provides insurance services and business advice, including advice on employee benefits, wealth management, and specialist sports injury insurance.

The company employs 180 people in the UK. Based in Eccles, Manchester, it has seven offices in the north west, and a London office.