Hyperion continues to deliver profitable growth

03.07.06

3 July 2006: Hyperion, one of the UK’s fastest growing independent insurance groups, has announced 50% growth in profits in its results for the six months to 31st March 2006. The Group’s revenue for the first six months of its financial year was £15.8 million representing an increase of 18% on 2005, whilst profit before tax rose to £3.0 million from £2.0 million in 2005.

Highlights

• Group revenues grew by 18% to £15.8 million
• Overall margin increased to 19% from 15%
• A particularly strong performance from underwriting operations resulted in profits increasing from £0.8 million to £3.3 million
• DUAL expanded its operations further with the opening of its first UK regional office in Manchester
• Howden expanded its operations with the formation of Howden Property
  

Results for the six months to 31/3/06

£m	2006	2005
Total operating income	15,789	13,369
Total profit before tax	3,013	1,990

 

 

 

 

 

Commenting on these results Hyperion’s Chief Executive, David Howden, said: “I am particularly pleased with these results given that the market background, particularly in London, continues to be challenging. Despite these challenges, our Group has continued to achieve substantial profit growth and I firmly believe this is due to the strength we derive from operating two distinct business platforms and maintaining our focus on business critical insurances.

“The outlook for the second half is extremely positive and there are a number of exciting proposals in the pipeline. Following the strengthening of our capital base through an equity placing that raised £5.1 million in February this year, we are aggressively pursuing several business opportunities both in the UK and overseas – including targets in Asia and the United States – some of which I expect to come to fruition in the next quarter. Capitalising on these opportunities and with the strong performances that our existing operations are set to deliver, I am confident that we will achieve both our revenue and profitability targets for the year.”