Revenues up at Hyperion as management mulls IPO

The group, which encompasses Howden Broking Group (HBG) and Dual Underwriting, also reported a 40% increase in Ebitda before non-recurring items and acquisition costs, at £20.6m for 2012.

David Howden, group chief executive, described 2012 as a “landmark year” for the company.

Hyperion sold its 59.5% stake in CFC Underwriting for a total of £20.8m in April 2012 and acquired Lloyd’s broker Windsor for £95m in July last year.

Acquisition
Mr Howden said the acquisition had helped to drive revenue growth. “We actually have been looking to do a deal with Windsor for a very long time,” he stated.

“We always knew the business was a very good fit, culturally.”

Mr Howden added that the process of merging the businesses had been completed and claimed: “No-one has left the group – there has been none of the fallout you usually hear about.”

IPO
He also addressed rumours that the company was considering an IPO, saying the group was ready to go ahead with a flotation if the timing was right.

“We are observing the markets with interest,” Mr Howden confirmed, although he went on to say that it would be best to wait until Windsor had been a part of the company for at least a year.

Mr Howden stated that it was “technically possible” that an IPO could take place before the end of 2013, but concluded: “We don’t need to do an IPO to continue to grow.

“We don’t mind talking about it but it isn’t something we spend an awful lot of time worrying about really.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.