News Middle East28 Jan 2021

TMEA:Turkey, Middle East and Africa contribute 8% of Howden Group's turnover in FY2020

| 28 Jan 2021

Leading international insurance group Howden Group Holdings yesterday announced that its revenue for the year ended 30 September 2020 (FY2020) stood at GBP777m ($1.07bn), an increase of 7% compared to FY2019.

Of the total revenue, Turkey, the Middle East and Africa (TMEA) contributed 8%, about the same as the 9% contribution in FY2019.

The group's geographical business model was balanced as demonstrated by the revenue split: 17% UK, 27% Europe, 24% North America, 5% Latin America, 19% Asia Pacific, and 8% TMEA.

The group reported an adjusted consolidated EBITDA of GBP223m for FY2020, an increase of 6% over the previous year. The EBITDA margin was 29% in FY2020.

Mr David Howden, CEO, Howden Group commented, “Despite the extraordinary challenge of 2020, our relentless focus on attracting and developing entrepreneurial talent, putting our people first, and empowering them with trust and technology to deliver the very best for our clients proved that we are building a sustainable business that is able to deliver results in even the most difficult times.”

He said, “Including A-Plan Group and acquisitions completed after the financial yearend, we will be a business of 8,500 employees delivering approaching GBP1bn in revenue pro-forma.”

In 2020, Howden Group continued to execute its strategy to build a sustainable insurance distribution group through strategic acquisitions, hiring entrepreneurial talent, and investing in innovation:

Howden has brought its retail and employee benefits business and specialty and reinsurance broking business together under a combined management team and the Howden brand to cement its position as the international challenger broker. Howden continued its rapid expansion in new and existing markets through investments in Abu Dhabi, Switzerland, Greece, Belgium and Spain during the year, and in the UK, Iceland and Australia after year-end.”

Howden Group Holdings is an international insurance group with employee ownership at its heart. Founded in 1994, it comprises Howden Broking, underwriting business DUAL, and data analytics and digital delivery business HX. Howden Group Holdings’ businesses operate in 40 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand.

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