Open GI parent reports loss in run-up to Ares investment
OM Bidco, Open GI’s parent company, has reported a loss after tax of £30.13m for the year to 31 May 2024, the final full financial year before Ares Management’s takeover and an improvement on a loss of £38.48m in 2023.
Insurance Age revealed in September that Ares Management was acquiring Open GI, with the deal signed on 9 August 2024. It had been a major stakeholder in the group for a number of years.
As previously reported, revenue for the 12 months increased to £61.7m from £58.7m the year prior with adjusted Ebitda growing 3.6% to £29.1m.
We are pleased with the progress we report today. Our growth is down to taking a partnership approach with our customers, investing in the technology and products that will
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