The Broker Network has reported record results, which it attributed to its brand strength and business model.

Turnover increased by 32% from £3.4m in the year ended 30 April 2003 to £4.5m …

The Broker Network has reported record results, which it attributed to its brand strength and business model. Turnover increased by 32% from £3.4m in the year ended 30 April 2003 to £4.5m in 2004. It saw pre-tax profits rise by almost 9% from £704,000 in 2003 to £770,000 in 2004. Gross written premiums rose by 22% from £194,914 in 2003 to £237,267 in 2004. The Broker Network acquired the businesses of five retiring members earlier this year. Chairman Faisal Rahmatallah said: "This strategy was laid out in our flotation prospectus and is one which we invested heavily in support infrastructure during the year." The company floated on the AIM market in May. The share price has since dropped from 71p in May to 59.5p this week. The Broker Network chief executive Grant Ellis said: "I am bemused by it, but it's not something we are worried about. The only problem is that there is limited liquidity in the shares."

Results

  • Giles Insurance Brokers reported a 45% increase in turnover from £6.79m in 2002 to £9.85m in 2003. But pre-tax profits dropped 38% from £429,000 in 2002 to £265,000 in 2003.
  • The company said that it was confident that financial results for 2004 would report "continued turnover growth and significant increase in profitability".
  • Specialist health care insurance provider HealthSure said it had seen another successful year as it reported its results for 2003. HealthSure said premium income had risen by 9.3% to £17m, with 20,000 extra policyholders joining the company.
  • London-based broker Genavco Insurance saw turnover rise 20% from £1.158m to £1.398m. Pre-tax profit rose slightly by 8% from £595,021 in 2002 to £642,589 in 2003.

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