2015 Financial Performance Update
Tyser & Co Ltd (“Tysers”) is a leading Lloyd’s broker, which operates internationally in four practice groups: Non-Marine, International, Reinsurance and Marine & Specialty. It is the principal subsidiary of Hawkes Bay Holdings Ltd (“HBH”), a privately-owned group, which also has ownership in the Aquila underwriting agency business.
- Revenues in the year ended 31 December 2015 increased by 13.4% to £46.8m (2014: £41.3m)
- EBITDA up by 14.6% to £9.4m (2014: £8.2m)
- EBITDA margin steady at 20% (2014: 20%)
- Total HBH revenues (Tysers + Aquila) up 16.8% at £55.6m (2014: £47.6m)
Chris Elliott, Chief Executive Officer, Tyser & Co. says:
"This is a very pleasing set of results. Despite challenging prevailing market conditions, we have delivered another year of impressive financial performance with significant growth achieved in both our revenue and profits. Our strategic objective – to be the independent broker of choice for both clients and talent – is really starting to pay off as we continue to capitalise on the many opportunities that have arisen during a period when profound changes have occurred to the competitive landscape of our industry.
"We remain confident our business is very well placed to deliver further growth in the years ahead. We have diversified with the launch of our fourth Practice, Tyser Re, and made further investment in core UK Corporate and Aviation divisions. Maintaining margin and growing revenue is not without challenges but with our strong and scalable platform, and investment in technology, we are confident we can continue to increase shareholder value whilst retaining the culture and values that are of critical importance to the success of our business."