Swinton endures 48% profit slump as it confirms job losses
Swinton suffered a post-tax profit slump of almost 50% during 2012 as the high street broker reined in the sale of monthly add-on products.
Profits for the full year plummeted to £18.9m from the £36.1m posted for 2011 while turnover also dropped 8% to £301.4m [FY 2011: £329.1m].
It came as the broker unveiled a redundancy programme to cull 120 jobs, admitting that a formal consultation is now underway.
The estimated job losses are expected to take place in Halifax (60 staff), Manchester (10 staff) and national sales management (50 staff).
The broker added that the £7.4m fine it was slapped with by the Financial Conduct Authority in
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