PSC Insurance Group has posted a 39% rise in statutory after-tax net profit to $27.8 million for last financial year, underpinned by strong organic growth and contributions from acquisitions.
Underlying net profit grew 31% to $24.2 million and underlying revenue was 24% higher at $101.1 million.
“It has been another active and successful year for the group,” MD Paul Dwyer says in the report.
“The underlying earnings growth has again been due to a healthy balance between organic improvements and acquisition-based initiatives. We are well placed for [this year] and are confident we can continue to grow the group for all stakeholders.”
The Melbourne-based company has expanded at home and abroad. Three broking businesses acquired more than a year ago have been integrated into operations and are performing to expectations.
PSC also completed the purchase of Brisbane-based broker Insurance Marketing Group of Australia and related underwriting agency Medisure Indemnity of Australia. It has moved to expand the business nationally.
It stepped up its UK expansion with the acquisition of a 70% stake in Turner Insurance Services and the launch of construction-focused wholesale agency Chase Underwriting International.
“The businesses and investments acquired over the past 12-18 months are all performing solidly and to expectations,” Chairman Brian Austin says.
“All acquisitions and investments are in our core area of insurance distribution businesses. Of particular highlight, we are excited about the prospects of our medical and healthcare specialist broking and underwriting businesses.”