Gallagher UK’s 2011 profit growth masked by one-off costs
Headline profits at the UK operations of AJ Gallagher International declined in 2011 as stronger underlying profitability was overborne by exceptional costs related to the major acquisition of retail broking house Heath Lambert.
Pre-tax profits slid from £22.7mn in 2010 to £11.4mn in 2011, as revenues soared by 83 percent to £171mn.
According to sources, the UK companies of Gallagher International incurred £19.8mn of one-off costs associated with the £97mn acquisition of Heath, which closed in May last year.
These...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.
Purchase
Follow us:
