’We have made impressive progress in our plan to create the leading advisory business in the sector,’ says chief executive
Partners& grew its revenue by 54% in the last financial year after expanding its geographical footprint with several acquisitions.
In a trading update today (5 October 2023), the chartered insurance broker said it secured a turnover of £34m for the year ending 31 March 2023, up from £22m in 2022.
The firm also grew its gross written premium from £110m to £143m year-on-year, while its earnings before interest, taxes, depreciation and amortisation (ebitda) rose by £11m during the same period.
The growth was, in part, due to Partners& making five acquisitions throughout the year as part of its strategy to enhance its client proposition across the UK.
This includes MacDonald Group, Albany Insurance Services, Insure Scotland, Richard Thompson Insurance Brokers and Regent Healthcare.
Phil Barton, Partners& chief executive, said: “We have made impressive progress in our plan to create the leading advisory business in the sector. We set out to build a business with the technological infrastructure and quality of people to deliver on our ambitious plan – and we are consistently delivering on all fronts.
“We have maintained our commitment to invest aggressively for growth, seizing opportunities when they became available, recruiting top talent, enhancing our proposition and implementing the technology to operate flexibly and efficiently.”
Outlook
Meanwhile, Partners& said client retention improved from 85% to 90% year-on-year, while new business represented 27% of revenue.
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The firm also expanded its headcount from 400 to 430 staff.
And the firm felt that it will continue to see organic and acquisitive growth during the next year, with five acquisitions having already been completed in the first six months of FY 2024.
“Our brand is now incredibly well established and respected in the sector and we expect to deliver exceptional future profitable growth, from the foundation we have built,” Barton added.
“Partners& has a vibrant pipeline of ongoing M&A opportunities, with two deals due to complete shortly.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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