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Bluefin announces 2015 financial results

Bluefin Insurance Group today announces its full year results for 2015.

 Financialhighlights:

• Group turnover increased 3% on prior year to £122m. 

• Growth was achieved through the continued, successful delivery of Bluefin’s acquisitions strategy and organic growth within our broking business - especially within the Specialisms business. 

• Before amortisation a profit of £1.2m (compared to a loss of £7.2m in 2014). 

• Profit after taxation and amortisation improved by £6m (a loss of £17.0m compared to a £23.0m loss in 2014).

 Keyachievements in 2015 include:

• Four acquisitions completed 

• Launch of Bluefin Underwriting, Bluefin’s MGA 

• Bluefin awarded 3-star award for exceptional service by Investor in Customers

• Twelve new partner brokers joined Bluefin Network

• Successful restructure of Bluefin’s Broking business with the creation of Retail Broking, Specialisms and Client & Business Services divisions 

RobertOrgan, CEO of Bluefin Insurance Group said: “Our strategy is one of growth,leveraging the unique position that we enjoy within the UK market place.  2015really was a year of extremes – from floods to mergers & acquisitionsactivity in the marketplace and from shock IPT increases to new legislation forthe first time in 100 years. However, against that backdrop, we continue tomaintain our focus on our strategic objectives in order to deliver strongresults and I’m pleased that we have delivered another solid financialperformance. These figures also represent the positive steps we are taking toensure our clients are at the heart of our business. In 2015 our clients toldus that the service we provide is ‘exceptional’ but we are not resting thereand continue to build on the progress we’ve made and invest in our people andour infrastructure.

“Likeall brokers we are operating in a very tough market. Competition for businessremains extremely strong across all aspects of our business however we haveseen excellent growth within our Specialisms business.

“I would like to take this chance to thank ourdedicated and professional employees for their continued hard work andcommitment. They provide our clients with the advice, service and support theyneed. Without the collective commitment of all Bluefin employees we would nothave been able to achieve the strong results of 2015.”

 Table of financial results FY 2015:

2015
£ ‘m

2014

£ ‘m

Versus prior year

Turnover

121.8

118.2

3.6

Net Operating Revenue

100.6

98.0

2.6

Operating expenses

80.1

74.2

5.9

EBITDA

20.5

23.8

(3.3)

EBITDA %

20.4%

24.3%

(3.9)%

 These are managementaccounts, which exclude the amortisation of goodwill. Statutory results,including gross revenue and a goodwill amortisation charge of £20.3m, show areported loss of £17.0m.

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