AWD Chase de Vere reports 425% increase in profits

AWD Chase de Vere drove its parent company AWD Holding into profit in 2010, with a strong increase in annual earnings.

Earnings before interest and taxes (EBIT) for AWD Chase de Vere were €6.3m, up from €1.2m in 2009. Turnover rose 8.4% to €46.6m.

The group also increased its commission turnover from new business by 4.7% but attributed its overall results largely to a €48m reduction in administrative costs.

Its consultant numbers also grew from 191 to 198.

Meanwhile, the entire group had EBIT of €49.1m last year, up from a loss of €41.1m, and an overall turnover of €547m compared to €528.7m the previous year.

Stephen Kavanagh, chief executive of AWD Chase de Vere, says: "We are really pleased with this performance, which is the result of the effort, dedication and skills of the employees at AWD Chase de Vere.

"The turnaround we have achieved in the past couple of years is little short of remarkable, but our job is far from finished and we are now in the process of positioning the company to meet the challenges of RDR and beyond."

Manfred Behrens, chairman of the board of AWD Holding AG, says: "With the results achieved in 2010 we have fully achieved our expectations and laid the foundations for solid profitability. An EBIT of €49.1 m and a turnover of €547m are clear signs that our company is on course again."

He says the company will continue to improve its processes and sequences.