Davies reports strong financial results and continued growthDavies reports strong financial results and continued growth https://davies-group.com/wp-content/uploads/2018/10/Press-Release-October-18-Web-Banner-2-1024x341.jpg 1024 341 Davies Group https://secure.gravatar.com/avatar/120316903cbd2b5ea32e7afd5f2ca236?s=96&d=mm&r=g
Davies today announces its latest annual results to 30 June 2018, which show continued strong growth in revenue and EBITDA. Revenue increased by 41% to £77.7m and EBITDA grew by 47% to £15.4m on the back of significant investment in technology and digital transformation, alongside more than 100 new account wins and targeted acquisitions to deepen its capabilities.
During the year, Davies simplified its operating structure, with the creation of three market-facing businesses: Claims Solutions, Insurance Services and Customer Solutions. Its 1400-strong team provides core operations, digital and consulting solutions to more than 400 insurance, highly regulated and global businesses from its bases in the UK, Ireland and Bermuda.
Once again, Davies increased its investment in digital transformation, including the launch of its ‘Disruptive Thinking’ innovation lab, placing the power of new ideas in the hands of its people. This came alongside continued investment in its claims platform, development of its drone and video capability, and through the acquisition of ServiceTick, the leading insurance-focused customer experience (CX) and analytics platform.
Financial Highlights (all figures are year ended 30 June 2018):
|Organic revenue growth||11%||11%||n/a|
Alongside strong organic growth in revenues of 11%, Davies deepened its capabilities through the acquisitions of CMSL, Ambant, ServiceTick, TLSS and R&Q’s Insurance Services businesses, with the latter providing Davies with operations in Bermuda and North America, from which to service the international captive and reinsurance markets. These acquisitions will contribute to further growth in the years ahead.
Dan Saulter, Group Chief Executive Officer of Davies said: “I am very proud of our team across Davies. Once again they have delivered a great set of results, set alongside our significant investment for the future, and a deeper set of capabilities and solutions for our clients. Beyond the numbers, we have created a platform that can continue to thrive. Through our ‘Davies Incentive Plan’ we have introduced employee ownership, enabling our people to share in our long term success. Through our ‘Disruptive Thinking’ lab we are capturing innovative ideas from our people, helping our clients to improve service, grow and win, as well as creating career opportunities for our teams”.