PSC Insurance Group Ltd reports FY24 results
Key points
- Underlying revenue up 16% to $343.6m
- Underlying EBITDA up 15% to $127.1m
- Underlying NPATA up 11% to $87.0m
- Entered into a Scheme Implementation Deed for acquisition by The Ardonagh Group
Full summary
PSC Insurance Group Limited has reported its FY24 results, highlighting strong financial performance across the group. Underlying revenue increased 16% to $343.6 million, while underlying EBITDA grew 15% to $127.1 million and underlying NPATA was up 11% to $87.0 million. The company saw organic EBITDA growth of 8% across the group, with the Distribution and UK segments performing particularly well. Acquisition growth contributed an additional $7.0 million to EBITDA, with 14 acquisitions completed during the year. The company's Australian broking, PSC Network, and underwriting agency businesses all delivered solid results despite challenging market conditions in some areas. In the UK, Paragon, Carrolls and Breeze Underwriting, and the PSC UK Insurance Brokers business all reported growth. The company also made a small investment in a Vietnamese business in partnership with the country's largest insurer. During the year, PSC announced it had entered into a Scheme Implementation Deed for the acquisition of the company by The Ardonagh Group, a move that the company believes will help accelerate its goal of building a globally significant insurance broking and intermediary business.
Guidance
The company has not provided any specific forward-looking financial guidance, as it is currently in the process of being acquired by The Ardonagh Group.
Summary generated by a large language model. Please interpret with care.