Half-year revenues up and profit flat for broker

Brightside Group’s profits after tax were £5.5m for the first half of 2013, in line with 2012 half-year results.

Revenues increased by 4% to £45.3m for the first half of 2013 (H1 2012: £43.6m) and earnings per share in the insurance broker fell by 3% 1.20p (H1 2012: 1.24p).

Chief executive Martyn Holman said: “Brightside’s long-term aim is to build an outstanding major insurance distribution business. The introduction and growth of the Affinity businesses is another step towards this goal and it is encouraging to see strong performance despite tough trading conditions in H1 2013. In the aftermath of the recent protracted offer period, and having set strong foundations, the board is realistic about the second half of the financial year 2013 but is optimistic about 2014 and beyond.”

The group also announced an increase in total policy sales by 14% to 260,396 (H1 2012: 227,610) and an increase in annual policy sales by 20% to 234,327 (H1 2012: 194,808).

The insurance broker announced today that chief executive Martyn Holman would be stepping down at the end of the year.

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