Hub boosts profit for 1-Q

Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21 a share (1-Q 2001: 13 a share). […]

May 31, 2002 | Last updated on October 1, 2024
1 min read

Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21 a share (1-Q 2001: 13 a share). As a result, the company has declared a quarterly dividend of 7 a share.

Hub’s gross revenue for the latest quarter climbed by 76% to $49.5 million compared with the $28.1 million made for the first quarter of 2001. Organic growth increased revenue by 9% year-on-year, largely due to higher commission earnings resulting from the general rise in insurance premiums.Acquisitions over the past year accounted for $18.8 million of the company’s revenue in the latest quarter.

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