Bike broker keen on deals as profits rise

Carole Nash has posted pre-tax profits of £7.6m (£6.3m) on turnover of £25m (£24.9m) for the year ended 31st December 2008.

The company said that the launch of ancillary products, increased operational efficiencies and a major increase in online activity have helped the business report record profits.

David Newman, chief executive, said: “These results are particularly satisfactory and demonstrate our continued ability to both innovate and effectively manage our cost base.

"Our continued investment in systems and people development, together with a greater focus within our corporate structure on customer-facing roles, have generated major efficiencies and reduced our cost base.

"We have also backed the brand with highly targeted and effective marketing, including new sponsorship deals for the UK’s biggest bike event, the Carole Nash International Motorcycle & Scooter Show, and a series of major classic motorcycle shows.”

He added that the company - which employs around 330 staff at its Altrincham headquarters, repair centre and Dublin offices - is keen to complement future organic growth with the acquisition of motorcycle books from other brokers and underwriters for whom it is not a core business line.

“We’re not interested in brands because we have the best known and respected in the sector, but we are interested in units,” said Newman.

He also revealed that Carole Nash will this spring unveil new lines and rates to Irish bikers and launch a dedicated website for Ireland where it has an estimated 50% market share. Its UK market share is put at around 25%.