|
|
Article: Forbes Group revenues soar
- Article from:
- Business Insurance
- Article date:
- June 1, 1998
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
JOHANNESBURG, South Africa - Forbes Group Ltd. revenues soared 70% for the year ended March 31, 1998, a jump largely attributable to its acquisition of Nelson Hurst P.L.C.
Brokerage and consulting revenue of 1.06 billion rand ($223.7 million) was substantially aided by eight months of contributions from London-based Nelson Hurst. Forbes bought the broker in August (BI, July 21, 1997).
Total corporate revenues, which include investment income, rose to 1.07 billion rand ($225.8 million), also up 70% from the previous year. Net income rose 57% to 128.2 million rand ($27.1 million).
When converted to U.S. dollars using applicable exchange rates, Forbes' ...