Jelf Insurance Brokers set for 'aggressive' growth despite dip in revenue and profits
Premium finance arrangements are the reason behind the shortfall in Jelf Group’s insurance business, says chief executive Alex Alway.
Mr Alway spoke following the release of Jelf’s final results for the year ended 30 September 2010, which revealed that while the overall group's profits grew, revenue for the insurance broking division dipped slightly to £42.9m (2009: £43.7m) and EBITDAE also dropped from £5.2m in 2009 to £4.3m this year.
Putting the drop down to premium finance arrangements the broker had with certain clients, Mr Alway claimed: "Overall insurance trading has been buoyant and new business is actually up 27%."
He
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