October 2008 saw the fifth anniversary of the launch of the Oval group. We have come a long way in those five years; the company has matured, and consolidated its position as a key player in the insurance broking and financial services marketplace.

We are delivering our vision of creating a strong national business by acquiring high quality regional brokers and financial advisory companies. To date 32 companies have joined the group.

At the beginning of December we released our audited results for the financial year ending 31 May 2008. We have made good progress.

Group revenues increased by 38% from £60 million to £83 million. On an annualised basis - including the full-year impact of companies acquired in the last financial year - group revenues are now in excess of £100 million.

EBITDA (earnings before interest, tax, depreciation and amortisation) before one-off costs increased by 49% to £17.4 million.

Looking to the future, we are clearly mindful of the difficult economic environment that prevails, and certainly 2009 will be a time for very careful and considered investment. However, the recently secured £115 million debt facility alongside additional equity capital, means Oval's overall strategy remains unchanged. We aim to deliver growth through the continued development of our underlying business and the acquisition of high-quality companies that complement our established operations and broaden our capabilities.

Phillip Hodson
CEO, Oval Limited.