Howden Group has reported a 23% increase in adjusted revenue to £3.01 billion for the financial year ending September 30, 2024, up from £2.44 billion in the previous year.
Organic revenue growth reached 15%, compared to 13% in FY23. Adjusted consolidated EBITDA rose to £922.2 million, with the EBITDA margin remaining steady at 31%, down slightly from 32% the previous year.
The group saw growth across its divisions, with insurance broking recording 14% organic revenue growth and reinsurance increasing by 30%. The managing general agent division, DUAL, reported 6% organic growth.
According to Howden, new teams in areas such as treaty reinsurance, Howden Re Programs, sport and entertainment, aviation, restructuring and resolution, and construction contributed to 30% of its organic growth. The firm also expanded its presence in Australia, Greece, the Middle East, Singapore, and Japan.
Howden says that it completed 65 strategic acquisitions during the year, further strengthening its position in key markets. In Europe, the group closed 28 deals, including the acquisition of VLC, a large brokerage in the Netherlands, and North Risk in Denmark, marking its entry into the Danish market. It also acquired French brokerage AGEO. As a result, the company’s global footprint expanded to 55 countries.
The group noted that it undertook several financing activities in 2024, including a full refinancing and maturity extension in February, the issuance of a high-yield bond, and two Revolving Credit Facility capacity increases.
Additionally, a new Delayed Draw Term Loan facility was secured to support investment activities, alongside multiple repricings.
Howden reported that 650 new employees became shareholders in 2024, bringing the total number of employee shareholders to 5,300.
CEO David Howden (pictured above) said the company’s 30th year was marked by breaking the £3 billion revenue milestone and delivering four consecutive years of double-digit organic growth.
“What’s our secret sauce? The quality of our remarkable people. Our track record of growth is founded on our ability to attract and retain the very best. Our talent drives our performance, helping us win new clients, and build a long-term, sustainable business with employee ownership as our key differentiator,” he said.
As of its latest financial results, the company now has an enterprise value approaching £20 billion.
Looking ahead, Howden said the group will continue to focus on organic growth, strategic mergers and acquisitions, investment in talent, and operational improvements.
“In so doing, we will be able to grow even faster, ready to meet our ambitious plans. We’ve turned 30, and we’re only just getting started,” he said.
David Shalders joined Howden as group chief operating officer, taking a seat on both the board and senior management team. The company said that his appointment will support operational efficiencies as the group scales its business.
The total headcount at Howden now stands at 20,000.
The company also expanded its corporate sponsorship partnerships, increasing brand visibility in the sports and entertainment sectors.
Key partnerships included sponsorship of the British & Irish Lions rugby team, horse racing events such as those organised by the Victoria Racing Club in Australia and The Bahrain Turf Club, and, after the reporting period, the Emirates GBR team in the SailGP competition.
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