Debt costs reduce Hastings’ profit
Business saw rise in GWP, customers and revenue in first quarter of 2014.
Hastings Insurance Group has revealed an 18% fall in pre-tax profit to £14m for the first quarter of 2014.
The company stated that the reduction from the £17m achieved in the first three months of 2013 was due to interest payments on the £416.5m debt issued in October last year.
Across the group Ebitda rose 16% to £23.8m (Q1 2013: £20.5m) as gross written premium jumped 26% £107.4m (Q1 2013: £85.3m).
The rises came on the back of group net revenue increasing to £93.7m as customer numbers leapt
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