Clear Group’s revenue reaches £74.7m in latest results

The Clear Group has posted its latest annual results to October 31, 2023, which showed strong growth through acquisition and underlying operating profit.

According to the firm, revenue increased by 31.7%, reaching £74.7 million, compared to last year’s £56.7 million, and EBITDA grew by 33.4%.

During the year to October 31, 2023, the company completed ten acquisitions, adding further expertise and capability to its client offering.

Clear Group’s acquisition of IFM added to their north region. The company also acquired HCF Group, with offices in Manchester, Hertfordshire and Essex and reinforced its client offering in the West of England through Bluestone Insurance.

At the same time, Clear Group also expanded its reach further by completing its first acquisition outside of the UK, McAuliffe Barry & Collins Ltd (MBC), based in Ireland.

Moreover, the company also diversified its portfolio by acquiring three managing general agent (MGA) businesses: Profile Underwriting Limited, One Commercial Specialty Limited and a 50% shareholding in Thomond Underwriting based in Ireland.

Going back to July 2023, David Young joined the firm’s Group Operating Board as Independent Non-Executive Director and Chair of the Risk & Compliance Committee.

Throughout the year, Clear Group also established a European presence, setting up a legal entity in Germany to further expand its client proposition across continental Europe.

In the current financial year, Clear Group has already completed four acquisitions, totalling c£1.0 million future run-rate EBITDA.

Mike Edgeley, Group CEO of The Clear Group commented: “2023 marked an exceptional year for The Clear Group, achieving another year of strong growth. The investment from Goldman Sachs is validation of the Group’s performance to date and ambitious plans for the future and will boost the next phase of the Group’s exciting growth strategy. The acquisition of ten 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.

“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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