Minova Insurance announces 2016 results and completion of a refinancing
1st June 2017
£102.8mn revenue milestone achieved alongside strong EBITDA growth to £17.4mn and successful refinancing
Minova Insurance Holdings Ltd. (“Minova Insurance”), the insurance holding company, today announces record 2016 results, with revenues exceeding £100mn for the first time. Further financial indicators demonstrate the Group’s financial strength, with EBITDA growth of 26% to £17.4mn and growth in operating profit from £1.3mn to £16.1mn.
Minova Insurance has also successfully completed a refinancing with partners Pricoa, which will be used to redeem a significant proportion of the Capital Z preference shares during 2017. This will reduce Minova Insurance’s future financing costs by 23% and provide a solid financial basis for the business without increasing financial leverage.
Dane Douetil, Group CEO of Minova Insurance, said: “The companies that are part of Minova Insurance have gone from strength to strength in 2016, with exceptional results across the board. I am delighted with the milestone we have achieved in exceeding £100mn in revenue and strong EBITDA and operating profit growth. This was driven by our absolute focus on putting our clients at the centre of what we do, as well as our on-going investment in top industry talent across the Group.
The refinancing with Pricoa will further strengthen our financial position, which will provide the Group with a competitive advantage to capitalise on existing opportunities. With our clear vision and strategy as well as client-centric focus, underpinned by the necessary financial resources and first class employees, I have full confidence that we will continue to outperform the market.”