Canadian Underwriter

Acquisitions fuel Hub earnings

August 21, 2001   by Canadian Underwriter

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A series of recent acquisitions are fueling the earnings growth of broker consolidator Hub International (TSE: HBG).
In releasing its second-quarter 2001 results, the Canadian company shows a 22% rise in net earnings and net earnings per share. Net earnings were up to more than $4 million, from $3.3 million for the same period last year. Earnings per share were up to $0.22 this year, from $0.18 for second-quarter 2000. Total revenue for the period grew to $46.3 million, up from $36.4 million last year.
“The higher revenue in the quarter was due mainly to the positive impact of acquisitions completed during the past twelve months,” states a company press release.
Most recently, Hub purchased three U.S.-based brokerages. J.P. Flanagan, Burnham and the Kaye Group were added to the company’s stable, each boasting several offices across the States.

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