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PSC commits to pre-virus earnings target

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PSC Insurance Group says its business performed strongly in the last few months, placing the broker in a good position to meet the earnings guidance it had set before the virus pandemic erupted in March.

As was previously announced, the Melbourne-based group expects to achieve more than $57 million in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the just ended 2019/20 financial year.

Trading conditions have been strong, with the month of May recording a 100% rise in underlying EBITDA while in June, revenues were in line with expectations, supported by the core broking and agency businesses, PSC said in an investor update last week.

For the 11 months to May, EBITDA increased more than 30% from the prior comparative period.

“The achievements across the business in servicing our clients and building our customer base have been outstanding,” PSC said, adding it will support the business in the current financial year.

For this 2020/21 year PSC says earnings will be underpinned by organic growth, cost containment measures the business has taken and contributions from acquisitions made in the last several months.