The Clear Group publishes annual results

Double-digit increase in revenue among the highlights

The Clear Group publishes annual results

Insurance News

By Kenneth Araullo

The Clear Group has revealed its financial outcomes for the year ending October 31, 2023, with a notable surge in both revenue and EBITDA, largely fuelled by acquisitions and a solid operational performance.

The group’s figures show a revenue jump of 31.7% to £74.7 million, with EBITDA experiencing a 33.4% increase.

Also key to the group’s growth has been its focus on client service, evident from a client renewal retention rate of 94% for the period under review. The Clear Group also noted a rise in revenue from £56.7 million in 2022 to £74.7 million in 2023.

In addition, the group also posted an increase in EBITDA, from £14.3 million to £19.0 million over the same period, while Pro Forma Revenue and EBITDA stood at £91.8 million and £24.1 million, respectively.

Over the year, The Clear Group completed 10 acquisitions, with noteworthy deals including IFM in the northern region and HCF Group with offices in Manchester, Hertfordshire, and Essex, alongside Bluestone Insurance to strengthen its presence in the West of England.

The group’s acquisition strategy also marked its first venture outside the UK with the purchase of McAuliffe Barry & Collins Ltd (MBC) in Ireland and the addition of three MGA businesses to diversify its portfolio.

The Clear Group also has four acquisitions already completed in the current financial year, contributing to an estimated £1.0 million in future run-rate EBITDA.

Mike Edgeley (pictured), group CEO, commented on the results, highlighting 2023 as an “exceptional year” for The Clear Group.

“The acquisition of 10 quality businesses, who embody Clear’s values, highlights the attractiveness of Clear’s proposition and add expertise in a number of sectors which broadens the group’s capability,” he said. “The group is extremely well placed for its next phase of growth. We continue to invest in and develop our proposition for new and existing clients within our existing business while also expanding that strong client service ethos into new markets and territories.”

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