Broker’s revenues up 9.3%
Personal lines broker A-Plan says it is well positioned for sustainable growth despite the current “unsettled” economic climate.
The broker made the announcement as it revealed an after-tax profit of £14.6m for the year to 28 February 2011, up 19% on the £12.3m it made the previous financial year.
Revenues at the broker increased 9.3% to £50.5m (2010: £46.2m). The result comes as many UK brokers have struggled to grow and have posted declining profits and stagnant revenues.
A-Plan said that, despite the market challenges, it had successfully relocated three branches to better sites and opened two new branches during the financial year, and had more in the pipeline. It added that these new offices would begin to make positive contributions to operating profit within the next two to three years.
“The company will continue with its existing strategy and will invest in new branch openings, selective relocations and acquisitions where suitable opportunities exist,” the company said in a Companies House filing.
A-Plan’s administrative expenses increased 3.7% to £30.6m (2010: £29.5m). Shareholders’ funds increased 7% to £23.2m (2010: £21.7m).
A-Plan recently went through an ownership change after a management buy-out at its backer, Barclays Private Equity. The private equity firm has now been renamed Equistone Partners Europe.
Despite the change, A-Plan chief executive Carl Shuker insists his company was unaffected.
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