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Bluefin 2013 results show strong continued profit growth

Bluefin today announces its unaudited full year results for 2013.

Financial highlights:

  • EBITDA increased 10% to £25.0m. 2012: £22.7m
    • 63% increase in operating profit over 3 years since 2010
  • Full year revenue was in line with the prior year at £100m
    • Commercial lines broking represents c90% of Bluefin income and has returned to income growth in 2013 with operating profits growing c15% during the year
    • Personal lines broking remains challenging in an extremely competitive market
  • Expense control remains very strong – down £2.7m (3.5%) on 2012
  • Two completed acquisitions in 2013 – Bonsure (May 2013) and PI Brokers (December 2013)

Mike Bruce, CEO of Bluefin said: “A number of important developments took place in 2013 which contributed to our solid performance including: key strategic appointments, effective cost management controls and key support functions centralised, marking the completion of our integration.

“With our strong, debt-free financial position and high calibre team, Bluefin is well placed to leverage its strong position further in 2014 through organic growth, further acquisitions and the development of our underwriting capabilities.”

Table of financial results FY 2013:

2013 £ 'm2012 £ 'm
Net operating revenue100100
Operating expenses(75)(77)
EBIDTA25.022.7
EBIDTA %25%22.7%