Swinton performing better than expected for Ardonagh
The Ardonagh Group results showed that the personal lines broker contributed £146.3m in pro forma income.
Swinton, which was bought by Ardonagh Group in a £165m deal last year, helped the group increase its pro forma income to £670.0m for the full year 2018.
According to the investor report it made an income of £146.3m with adjusted Ebitda of £32.4m (total pro forma Ebitda was £146.1m).
2018 is the first full year figures for the group but the numbers suggested that in 2017 Swinton could have achieved an income of £173.7m with a lower Ebitda of £20.8m.
CEO David Ross noted on a call with
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