Davies today announces its latest financial results for the year to 30 June 2019, which show continued strong organic growth in revenue and EBITDA, following a year of significant investment in its people and in technology, alongside a push to add new capabilities and domain expertise via targeted acquisitions.
Financial performance and highlights
Revenue grew by 49% to £115.5m and EBITDA by 54% to £23.7m in a year that saw Davies deliver growth across its three core platforms: Claims Solutions, Insurance Services and Consulting & Technology. Across the year Davies added more than 150 new account wins from both existing and new clients, as well as adding more than 500 new colleagues to the business across its global operations.
Over the past four years Davies has increased its annual investment in innovation and digital transformation more than fourfold; including in its CQ claims processing platform, its video and drone claims handling solutions, as well as investing in automation, speech analytics and virtual reality training solutions.
In January 2019 Davies announced that Canadian investor Alberta Investment Management Corporation (“AIMCo”), had acquired a minority stake in the business in a move that saw the shareholder base diversified and strengthened as Davies accelerated its global expansion plans, alongside majority investors HGGC who invested in January 2017.
Continued growth and investment in the second half of 2019
Since its financial year end Davies revealed that it has continued to invest and grow, and has made the following additional investments since June 2019:
In September, Davies added a new Learning Solutions arm to its Consulting & Technology business via the acquisition of FWD, as it seeks to help its UK insurance clients with their training and learning needs
In September & October Davies added new capabilities in the US through the acquisitions of Frontier Adjusters; and ASC, the national workers’ compensation and property and casualty third party administrator, extending the firm’s claims capabilities to North America for the first time
In November, in a move that saw it double the size of its Ireland operation, Davies announced the acquisition of claims solutions business Thornton Group, taking its global team to 2,100 professionals
Dan Saulter said: “These excellent results are a testament to the hard work and dedication of our growing global team of claims, insurance, consulting and technology professionals. They have once again delivered for our 500+ insurance, financial services and global clients. The past year has seen us bring on board AIMCo as a new investor, allowing us to continue to invest in our people, innovation and automation across our