One Broker posts double-digit turnover and profit surge in run up to Jensten sale
Norwich-based One Broker has revealed achieving a 19.6% increase in turnover, and a 14.7% rise in post-tax profit ahead of its sale to Jensten.
Jensten completed the takeover of the firm earlier this month.
A filing at Companies House detailed that One Broker’s turnover rose to £9.14m in the year to 31 May 2023 from £7.64m in the prior year.
Post-tax profit jumped year-on-year to £1.38m as earnings before interest, taxes, depreciation and amortisation also leapt by 16.5% to £3.18m.
Acquisition
During the financial year, One Broker bought Uttings Insurance Brokers in Norfolk, boosting gross written premium to more than £60m.
The filing revealed that the purchase cost £2.69m, with the vast majority – £2.15m – paid in cash.
Headcount at One Broker went up during the 12 months from 96 people to 110.
Pipeline
Jensten’s purchase of One Broker was its biggest deal to date. When it was first announced in September, Jensten confirmed that One Broker CEO Robin Plaster would stay with the business to lead further mergers and acquisitions growth in the region.
The Companies House document reported: “Further acquisitions are planned in the future, and we have a healthy pipeline to work with.”
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