Giles makes record buy despite fall in results
Giles has made the largest acquisition in its history despite experiencing a drop in turnover and earnings for 2010.
The group's full-year results for the year ended 31 August 2010 revealed a 3% drop in turnover to £70m (2009: £72.1m) while its EBITDA fell by 13% to £20.8m (2009: £23.8).
However, the broker claimed its EBITDA margin remained strong at 30% (2009: 33%).
The results were published shortly after Giles hit the consolidator trail once again with the purchase of two brokerages in as many weeks.
The first, RA Rossborough, which employs 180 people, represents Giles' biggest acquisition to date. It is
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