RFIB reveals operating profit growth
Lloyd’s broker RFIB has announced a 17% increase in operating profits to £3.5m for the year ending 30 June 2010 (2009: £3.0m).
Profit before tax reduced by 32% from £4.7m to £3.2m which, according to the company, was mainly due to an exceptional profit of £1.5m generated in 2009 by the sale of two non-core businesses.
Turnover, including fiduciary interest as well as brokerage, grew 13% from £38.3m to £43.5m during the period and Ebitda rose by 6% to £5.7m.
Marshall King, chief executive officer at RFIB, commented: "Against the background of challenging conditions in the intermediary sector, our top line growth reflects
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