Growth for Ten amid software house move

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The network posted an operating profit of £316,000 for the full year 2017 as business pushes on with move to Acturis.

Ten Insurance Services has reported turnover of £11.3m (2016: £9.5m) for the full year 2017.

Its results, posted to Companies House, showed that operating profit also increased from £204,215 in 2016 to £316,226.

Expenses also fell slightly to £2.3m (2016: £2.4m).

James Sharp, director of the network commented: “They are not as good as they have been historically but it is a recovery from a poor 2016.”

Changes
He pointed out that Ten is going through a period of transition with regard to the tech systems it is using and is in the process of transferring the majority of its appointed representatives to Acturis from the CDL Strata system so expenses remain high.

He commented: “We’re transferring about four a month”.

Strata will still be used for some personal lines focused members but the majority will move away from this platform to use Acturis.

“From January onwards it will start to ratchet down.

“At the moment something like 50% of our brokers have moved and we will have broken the back of it by Easter next year.”

The results also showed that the number of AR’s with Ten grew from 106 to 108. Employee numbers also increased by four to 50.

Sharp also noted that the business has opened two new branches in Sutton Coldfield and Glasgow and also doubled its staff numbers in the Manchester office.

Looking ahead the business wants to double profits by 2020.

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