Hyperion continues expansion

1 May 2007: Hyperion, one of the UK’s fastest growing insurance groups, today reported another set of impressive results for the twelve months ending 30 September 2006. In announcing increases of 24% in turnover and 37% in operating profits, the Group also highlighted the continued expansion of its business having opened nine new offices in five countries. The Group now comprises 25 operations in 13 countries employing over 370 people, and its international activities have been recognised by a Queen’s Award for Enterprise in International Trade announced last week.

Highlights

• Group revenues grew from £27.4 million to £34.1 million, an increase of 24%
• Operating profits increased by 37% from £4.3 million to £5.9 million
• DUAL International, the Group’s underwriting agency, increased revenues by 69% from £7.1 million to £12.0 million
• The Howden broking operations reported a 7% increase in revenues against a backdrop of falling premiums and a weakened US Dollar
• The Group’s other underwriting agency, CFC Underwriting, reported increases in revenue and profit of 21% and 23% respectively
  

Hyperion’s Chief Executive, David Howden, said: “In the 12 years since the Group was established, income has risen at an average annual rate of 37%, whilst profit before tax has risen by an even more impressive average annual rate of 57%. Our success reflects the strength of the structure we put in place nine years ago when we restructured the Group, creating a broking arm and an underwriting arm. Our ability to enter new markets either as a wholesale or retail broker, or as an underwriter, gives us a significant competitive advantage – one that we use to the full and which enables us to continually outperform our competitors. ”

Alongside the strong financial performance, the Group continued to expand its operations both in the UK and overseas:

• It opened two regional offices in the UK – DUAL launching in Manchester and Howden in Leeds
• In India, Howden opened additional offices in New Delhi, Bangalore, Hyderabad and Calcutta
• DUAL expanded its presence in Australia by opening an office in Melbourne and extended its operations in Europe by opening an office in Cologne
• In Spain, Howden acquired specialist liability broker Coselusan in Barcelona and opened additional offices in Seville and Valencia
• Howden extended its wholesale broking operations outside of the UK for the first time and consolidated its position in Latin America with the launch of VK Howden in Miami

David Howden concludes: “Our success, particularly in developing internationally, has been recognised by receiving a Queen’s Award for Enterprise in International Trade. We have forged ahead along our growth path over the past year and are well positioned to continue to expand. Our unique structure, international footprint, single-minded focus, and most importantly our exceptional people, will ensure that we continue to thrive in an increasingly competitive and challenging market place.”