Hyperion announce record half-year results

07.07.06

7 July 2006: The Hyperion Insurance Group one of the fastest growing insurance groups in the UK today, has announced record results for the six months to 31st March 2005 reporting an increase in turnover of 65% over the same period in 2003/4. Operating profit before tax rose 258%.

Highlights

• Turnover for the six months amounted to £13 million
• Operating profit before tax rose to £2.2 million, compared to £614,000 in 2003/4
• Howden, the group’s broking division won approximately £2 million of new brokerage income in the UK and achieved strong growth in India and Scandinavia
• Dual Australia, launched in 2004 and part of the group’s underwriting division, achieved its initial target of Au$21 million premium
• J K Buckenham, the group’s reinsurance broker also acquired in 2004, contributed over £1 million

Results for the six months to 31/3/05

Turnover £m	2005	2004
Broking	9.9	5.6	Up 4.4
Underwriting	3.7	2.3	Up 1.4
Total	13.6	7.9	Up 5.8
Operating PBT £m	2005	2004
Total	2.2	0.6

 

 

 

 

 

 

 

 

Commenting on the results, David Howden, CEO of Hyperion, said: “This is an outstanding set of results, particularly in light of the challenging marketplace that the insurance industry is experiencing. Our strategy of keeping our focus on business critical insurance lines and concentration on the UK and international markets as key growth territories rather than just the US continues to bear fruit – delivering strong organic growth.

“The outlook for the remainder of the year is extremely positive and we are confident that our group will achieve its targets for the year, through continued organic growth as well as strategic acquisitions both in the UK and internationally.”