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Profit slips for Autonet

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2016 results reveal cost of acquisition by Towergate-backer HPS Investment Partners and show policies in force increased.

Autonet has seen a fall in profit for the full year 2016 according to results posted to Companies House with profit before tax dropping to £10.9m from £11.2m in 2015.

Despite this fall GWP actually grew 6.6% to £130m and the number of policies in force also went up to 336,000 (2015: 328,000). Operating profit also increased to £11.4m (2015: £11.2m).

The results noted that the business incurred a one off charge of £615,000 following its acquisition by Towergate-investor HPS Investment Partners

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