Broker Network, the UK’s leading network for independent insurance brokers has today announced strong financial results for 2017 following a year of strategic delivery and execution for the business.
- Significant step up in trading results with Group revenues at £23.1m (+13% like-for-like)
- Group EBITDA (earnings before interest, tax, depreciation and amortisation) at £5.7m (+10% like-for-like)
- Network revenues at £15.2m up 15% on prior year
- Network EBITDA at £4.5m up 27% on prior year
- Premier Members growing by a substantial 13%
- +25 joiners to the Network and 10 upgrades
- Acquisitions of 2 regional broking powerhouses and 5 additional satellite brokerages
2017 marked one year of full trading following the investment from HPS Investment Partners and Madison Dearborn Partners and the creation of the Network’s three pillar strategy.
Commenting on the results, Broker Network CEO, Andy Fairchild said: “Our mission to grow, protect and support independent brokers in the UK gives us a clear long-term base for our strategy. 2017 was an important year for Broker Network as we not only met but exceeded performance targets and delivered a range of market-leading business support services and exclusive products to Members and Partners.
“When our Members and Partners are successful, the Network is successful and that is why we are able to share a strong set of results today. A perfect example of this is the strong symmetry between the growth of Broker Network and the growth of our Premier Members, each growing by 13%. Small and mid-sized brokers are winning and thriving in today’s market and as a Network we know there is an important part we must play in ensuring the continuation of that success.
“We are continuing to invest heavily into the three pillars of our Strategy; Members, Partners and Products and will build upon the already strong capabilities of the Executive team with the recent addition of Alex Alway as Chairman.
“I’ve long been passionate about protecting brokers’ independence and empowering businesses to thrive and firmly believe that independent brokers will be a fundamental part of the insurance landscape for many years to come. Myself and the team at Broker Network will continue to deliver for these brokers in the same unwavering manner as we have for the past 30 years, whilst at the same time adapting and leading the way.”