Aston Lark, the Chartered insurance broker backed by Goldman Sachs, has reported a revenue growth of 25% to £71.6 million in 2019.
This is the first set of financial results released since its majority stake acquisition by Goldman Sachs Merchant Banking Division, with Bowmark LLP also re-investing in the newly created group.
Organic commission and fee increased 3.4%, described by Aston Lark as a positive result considering the highly competitive market and current economic environment
Peter Blanc, Group Chief Executive Officer, remarked that he was delighted with the group’s progress and thrilled to have completed the investment by Goldman Sachs.
“It is also a great vote of confidence in the Aston Lark team that Bowmark have agreed to reinvest alongside Goldman Sachs,” Blanc said.
“We continue to be hugely proud of our Chartered Insurance Broker status and we remain very keen to talk to like-minded brokers seeking an independent future. Our goal is to create the UK’s most trusted Chartered Insurance Broker.”
Aston Lark completed six acquisitions in 2019, including Dublin-based broker Robertson Low, specialist high value and non-standard home insurance broker Highworth Insurance, and Manchester-based broker Buckland Harvester.
Commenting on the COVID-19 pandemic, Blanc said, “2020 is turning into a year which we would never have imagined in January.
“The outbreak of the Covid-19 pandemic across the globe has not only had significant human and economic impact but has also caused massive disruption for businesses across the UK.
“To date our trading performance has held up extremely well, although we are acutely aware of the ongoing impacts of the pandemic and we will continue to closely monitor the operational, financial and macro-economic impacts as they play through.
“Despite Covid-19, the business is not being distracted from its aims of considering further selective strategic acquisitions as part of our growth plans. We hope to make further announcements soon as we continue to complete deals in our healthy pipeline.”
