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Bluefin announces 2014 financial results

Bluefin Insurance Group today announces its full year results for 2014.

Financial highlights:

• Net operating revenue increased to £98m from £96.9m (1.16% increase) driven by an increase in GWP from £635m to £667m.

• EBITDA margin reduced slightly by 1.1% to 24.3% as a result of the temporary increase in cost base resulting from acquisitions made in the year. Cost synergies are anticipated to be realised in future years.

Key achievements in 2014 include:
• Commenced development of Bluefin Underwriting, our MGA
• Five acquisitions completed
• Completed migration of company onto new consolidated IT platform, “BISCloud”

Robert Organ, CEO of Bluefin Insurance Group said: “We’re pleased with this performance which has been achieved against the backdrop of a tough market and at a time of considerable investment in the future of Bluefin and the implementation of our strategy. Within these figures is a story of successful delivery of a number of initiatives to improve the quality of service we can offer our clients. We continue to invest in our infrastructure & technology including the continued development of Bluefin Underwriting and completion of acquisitions. We are building a strong platform from which to develop the business in 2015 and beyond”

Table of financial results FY 2014:

2014
£ ‘m
2013
£ 'm
Versus prior year
Net operating revenue98.096.91.1
Operating expenses74.272.3(1.9)
EBITDA23.824.6(0.8)
EBITDA%24.3%25.4%(1.1)%

These are management accounts, which exclude the amortisation of goodwill. Statutory results, including gross revenue and a goodwill amortisation charge of £16.0m, show a reported loss of £23.0m.