PSC confirms profit, Turner Rawlinson bill and latest buy

Profit emergence under IFRS 17

Australian-owned consolidator PSC Holdings UK has revealed a post-tax profit of £795,000 for retail broking, alongside a £6m bill for buying Turner Rawlinson and a further deal in 2023.

The profit for the year ended 30 June 2023 reversed a £4.5m loss in 2022. Earnings before interest, taxes, depreciation and amortisation also swung into the black at £3.91m compared to a deficit of £1.17m the year before.

Turnover was up 2.8% year-on-year at £14.21m.

Deal

During the financial year, the purchase of London-based broker Turner Rawlinson added a fifth trading office to the business.

Related PSC Insurance buys Turner Rawlinson

Australian group PSC Insurance has bought

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JMG buys Madoc & Rhodes

JM Glendinning Insurance Brokers has purchased Birmingham-based Madoc & Rhodes, adding to its growing portfolio.

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