Results season isn’t over just yet, with insurance distribution consolidator PIB Group Limited the latest to report how it performed in the year ended December 31, 2020.
According to the group – which has successfully executed 42 acquisitions since coming to life in 2015 – its 2020 revenue grew 23% to £151.5 million, while adjusted earnings before interest, taxes, depreciation, and amortisation rose 41% to £37.7 million.
PIB said adjusted EBITDA excludes one-off, “distortionary” costs borne from the company’s transformation. These costs span acquisition and restructuring costs, IT and infrastructure integration costs, and costs associated with business line closure and alignment.
Gross written premium, meanwhile, amounted to £1.5 billion.
“The spread of COVID-19 led to 2020 being an incredibly challenging year given its impact on our people, our operations, and our clients,” said chief financial officer Ryan Brown (pictured).
“However, in true PIB style, we stepped up, and I am immensely proud of the way our people came together to respond which saw us maintain our exceptional levels of service while continuing the group’s evolution and strong growth.”
The CFO cited the “incredible” resilience of PIB’s workforce and the group’s ability to rapidly migrate to a productive remote-working model, as well as the close collaboration with insurer partners in support of clients.
Meanwhile Brown also thanked the investment backers who contribute to PIB’s programmatic mergers and acquisitions consolidation programme.
He stated: “With the unwavering support of our capital providers, we were able to continue investing significantly in the business through acquisitions, IT and infrastructure development, and continue to hire market-leading teams and individuals.
“All of this will help us sustain our market beating organic growth into 2021 and beyond.”
PIB – which caters to clients throughout the UK, Channel Islands, Ireland, Poland, Germany, and Spain – has been busy announcing swoops not only in the UK but also internationally.
