Cobra posts loss following sale of broking business
Cobra has posted a £1.74m loss despite growing revenues to over £24m.
The broking firm put the loss down to a goodwill impairment charge of £1.5m.
According to the group this was primarily associated with the sale of the business and certain fixed assets of its insurance broking operations in Caterham and Alton to ASG Risk Management, a subsidiary of Aston Scott Group.
Like for like EBITDA increased by 35% to £2.42M (2010 EBITDA after adjustment of one off other income of £1.39m was £1.79m).
Steve Burrows, CEO of Cobra said: “Market conditions continue to be
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