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Premiums, acquisitions boost PSC revenues

February 22, 2019

Higher premiums and acquisitions have driven operational revenue growth at PSC Insurance Group as the company expands in Australia and the UK.

Revenue rose 22% to $54.7 million in the first-half while net profit increased to $9.5 million from $9.1 million on an underlying basis.

The group reaffirmed its full-year earnings guidance and says the pipeline of acquisition opportunities continues to be strong.

Distribution business revenues were up 26% to $31.7 million in the half, while profit increased to $7 million from $5 million, with the “impact of higher premiums evident”.

The business includes broker networks, life broking and workers' compensation consulting and accounts for about $560 million in gross written premium (GWP).

The agency business, which represents $90 million in GWP, contributed a profit of $1.4 million.

PSC continues to build its presence in the UK and last year purchased a 70% stake in Leicester-based Turner Insurance Services to expand into the retail broking market.

The UK businesses, which account for about $350 million in GWP, also include wholesale broker Carroll Holman, Breeze Underwriting, Alsford Page & Gems (APG), Chase International and Easy Broking Online.

UK revenue rose 30% to $13.7 million in the half but the businesses reported an overall net loss of $300,000. One-off impacts included acquisition legal expenses and costs relating to an APG restructure. Underlying earnings before interest, tax depreciation and amortisation rose to $1.9 million from $900,000.

PSC statutory net profit fell to $7.7 million compared to $20.3 million a year earlier when the result was boosted by a one-off fair-value gain from an investment in building contractor Johns Lyng, which listed on the Australian Securities Exchange in October 2017. 

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Phoenix Risk Services Pty Ltd / ABN 12 617 229 188 / AR 1252319 || Licensee: PSC Connect Pty Ltd ABN 23 141 574 914 AFS License No 344648

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