Hub reports healthy profit and revenue growth 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 21c a share (1-Q 2001: 13c a share). As a result, the company has declared a quarterly dividend of 7c 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 revenue growth increased by 9% year-on-year, largely due to higher commission earnings resulting from the general rise in insurance premiums. Acquisitional growth over the past year accounted for $18.8 million of the company’s total revenue reported for the latest quarter.