GROWTH at Woodchester Investments has continued at over 20 per cent in the first quarter of 1996, the annual general meeting was told yesterday. The company is also looking at two potential acquisitions in Britain.
Mr Craig McKinney, chairman and chief executive of the group, told the shareholders that first quarter new business volumes amounted to almost £300 million on a group basis.
Adjusting this for the impact of the acquisition of Anglo (Group) in June 1995, this shows an increase of around 30 per cent on comparable 1995 figures," he said.
One of the reasons was the strong growth in Irish motor volumes, where the group achieved growth of 53 per cent against a background of a 32 per cent increase in new car registrations.
Mr McKinney pointed out that, in 1990, new business volumes for the whole year amounted to £300 million, or the same amount as in the first three months of this year.
He added that the group's three year plan forecasts "significant continuing growth". Market forecasts are for pre tax profits of around £50 million in 1997. "We're comfortable with that," said Mr McKinney, speaking after the meeting. The group made pre tax profits of £36.4 million in 1995, up almost 20 per cent from the year before.
A key challenge for the group is to process this level of new business without incurring a corresponding increase in costs, he said.
The company also has almost finalised amalgamating its back office activities. Mr McKinney said he was in "advanced discussions with IDA Ireland on this and the project was "making good progress".
On acquisitions, Mr McKinney said after the meeting that the company had one or two "fairly significant" acquisitions in mind in Britain. He added that he was continuing to look for smaller "bolt on" companies in Denmark and Portugal.
