Bridge sees profits drop despite boosting turnover

Bridge Insurance Brokers has revealed that its profits dropped in the year to 31 March 2023 despite seeing an increase in turnover.

In a filing on Companies House yesterday (9 November 2023), the Manchester and London-based broker said it secured a turnover of £17.1m during the period, up from £15.5m the previous year.

However, its operating profit dropped from £974,614 to £815,408 year-on-year, with profit before tax also decreasing from £984,516 to £896,138.

This meant the insurance broker secured a profit of £725,806 after tax, lower than the £782,749 recorded in 2022.

Bridge chief executive Roger Potts said profits dropped due to a combination of regulatory pressures, changes in wages and cost inflation.

Pledge

Despite this, Potts felt the firm was “well-placed” to continue delivering on its growth plan.

“Our financial results reflect the strength of the core business performance across a range of sectors,” he added.

Bridge was also one of five UK broking groups that made a commitment to stop sharing buildings insurance commissions with landlords and to cap their own fees.

The pledge means that these firms will stop sharing their commissions with third-parties, such as landlords, managing agents and freeholders, on buildings over 11 metres in height with identified fire safety issues made known, like a building affected by combustible cladding or other material risk issues.

They will also caps their fees at 15% as part of the commitment.

Lee Rowley, minister for building safety, said the move demonstrated the five brokers’ “willingness to do more on bringing premiums down”.