The Baldwin Group’s total revenue climbs 14% to reach $339.8m in Q2’24

The Baldwin Group has announced that total revenue climbed 14% year-over-year to $339.8 million in the second quarter of 2024, compared to $297.1 million from the second quarter of 2023.

At the same time, the company also posted organic revenue growth of 19% during Q2’24.

However, the organisation also posted a net loss of $30.9 million for the quarter, compared to a $43.6 million loss from the prior year quarter.

Despite the net loss, The Baldwin Group managed to expand its adjusted EBITDA margin by 130 basis points to 22%, compared to 21% in the prior-year period, while adjusted EBITDA grew 22% year-over-year to reach $74.9 million.

Looking at their results for the first half of 2024, The Baldwin Group announced that revenue increased 15% year-over-year to reach $720.2 million, while organic revenue climbed 17% year-over-year.

Additionally, the organisation posted an $8.2 million net income in H1’24, a major improvement compared to the $69.5 million loss that was reported last year.

The Baldwin Group also expanded its adjusted EBITDA margin by 210 basis points to 25%, while its adjusted EBITDA grew 26% year-over-year to $176.6 million.

Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented: “It was another fantastic quarter for Baldwin, as we continue to execute well in all facets of our operations. We delivered industry-leading double-digit organic growth with strength across our platform, driven primarily by significant net new Client wins. Our continued adjusted EBITDA margin expansion reflects the meaningful enhancements in operational effectiveness we have begun realizing from the intense integration efforts and technology backbone build-out we have executed on over the past several years.

“Our continued industry-leading growth in top and bottom-line financial metrics combined with rapidly growing free cash flow, which was up 38% compared to the prior-year period, are all contributing to a rapidly approaching inflection of our financial profile.

“As we proceed through the back half of 2024, we believe we are in our strongest position yet to deliver outsized value to our Clients, continue to build on our status as the destination for our industry’s leading professionals and expect to continue successfully delivering sustainable outsized organic revenue growth and margin expansion, driving continued long-term value for our shareholders.”

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