THB reports 32% increase in broking profit
THB Group has reported a 5% rise in fees and commission to £48.4m (2009: £46.2m) for the year ended 31 October 2010.
Underlying broking profit (fees & commissions less operating charges before exceptional items, amortisation and impairment of intangibles) increased by 32% from £5.3m to £7m with the underlying broking margin also up from 11.5% in 2009 to 14.4% in 2010.
Profit before tax for the group increased to £0.7m (2009: £0.58m).
Frank Murphy, group chief executive at THB, commented: "The group's clear strategic focus served THB's Lloyd's Broker well in 2010. Turnover for this core division was up 7% at
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