CBG reports fall in revenue but rise in profit
CBG Group has reported an 11.6% fall in revenue to £4.09m for H1 2010 (H1 2009: £4.63m) following the disposal of “non-core elements” of its personal lines business in February this year.
Operating profit increased to £260,000, compared to a £6,000 loss in the same period last year, while profit before tax was £228,000 (H1 2009: £65,000 loss).
The group achieved a 34.1% increase in adjusted EBITDA to £798,000 (H1 2009: £595,000) and the broking profit margin increased to 23.6% (2009: 16.4%).
Robin Slinger, chairman of CBG, said: "This has been a period of significant change for CBG and one in which I am delighted to report good progress in delivering growth in operating profit
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