By John Harrington
Date: Thursday 24 Mar 2011
Abbey Protection, which provides legal and professional fees insurance products and services, saw single digit percentage growth in revenue and earnings in 2010.
Revenue grew 6% to £34.9m from £32.9m the year before, while earnings before interest, tax, depreciation and amortisation were up 8% to £10.2m from £9.5m. Profit before tax rose 9% to £9.6m from £8.7m.
“Whilst expecting further growth in both revenues and profits, we see 2011 as being a challenging year in both our core activities as our clients face increasingly tough trading conditions, with pressures on their employment levels and taxable income. We will continue to explore opportunities for acquiring complementary businesses to supplement our organic growth, though we have not recently found any that meet our criteria for adding value to shareholders,” said company chairman Tony Shearer.
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