Giles losses for 2011 come in at £37m
Giles group has reported a further loss of £37.4m for the year to 31 August 2011 compared to £37.1m in 2010.
However, the broker highlighted that it had achieved a 16% increase in turnover to £81m (2010: £70m) and a 15% increase in EBITDA to £24m from £21m the previous year.
Broken down by division, Giles saw turnover in retail business increase by 14% to £65m and EBITDA up 13% to £18m.
The wholesale business, which includes Ink Underwriting and the Westinsure network, increased its turnover by 26% to £15m, while EBITDA rose 21% to £8.4m.
Paul Matson, chief finance officer at Giles, said the results
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