25 May 2012

Cobra maintains expansion path

01/04/2008 Robert Tyerman

Acquisitive Cobra Holdings, which operates Britain’s largest insurance broker network, says it is in the ‘early stages of negotiation’ with several potential takeover targets after lifting annual pre-tax profits 28 per cent to £885,000 on revenues up 70 per cent to £15.1 million. The AIM-quoted company, which is changing its year end from December to March, achieved organic growth of 13 per cent in calendar 2007 and owed the bulk of its revenue growth to acquisitions.

The company, which last year absorbed Tubbs Insurance Services, UK & Ireland Holdings, says insurance market conditions have been ‘adverse’, with premium rates continuing to decline. But Cobra, steered by chief executive Steve Burrows, says it has managed to ride this ‘soft cycle’, thanks to continued growth from both its broker network and underwriting agency.

One disappointment is that progress in revitalising the company’s Cobra London Markets operation has been slower than expected. Continuing ‘difficult conditions’ in the Lloyd’s insurance market are blamed for this, while last year’s UK floods have knocked £600,000 off Cobra Network’s operating profits.

Floated at 97p last year, Cobra’s shares have slipped to 85.5p, valuing the company at £32.3 million.

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Sector: Nonlife Insurance

Companies: Cobra

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