Financials

FY2023 highlights

• Exceptional financial performance: a 33% increase in revenue to £2,443m (FY22: £1,841m), and a 30% increase in adjusted consolidated EBITDA to £780m (FY22: £599m), with EBITDA margin of 31.9%, driven by a combination of organic growth of 13% (FY22: 19%) and selective acquisitions.  The Group’s employee ownership model consistently delivers excellent service that helps retain and win new clients. 
• Successful and sustainable capital management strategy: the Group has supportive shareholders who have contributed over £1bn of equity in FY23 to support investment for growth. The Group also has good access to the capital markets to raise financing for M&A; it raised $1.375bn (£1.1bn) of incremental debt to support its investment programme in FY23 while maintaining its rating.
• 56 completed acquisitions, including five transactions over £25m EV in FY23, building out Howden’s leading position in key markets: TigerRisk in the US, March RS in Spain, Apex in New Zealand, Théorème in France and Reich Insurance in the UK.
• Howden welcomed 1,000 new employee shareholders in 2023, taking the total number to 4,500 from 35 out of the 50 countries in the Group.
• Total headcount, pro forma for acquisitions post year end, stands at 16,000, with 800 people joining the Group in FY23 from lateral hiring as part of new initiatives.