Profits drop at Alan Boswell in 2019

derivatives-swap-arrows-filter-enhance

But turnover increased slightly at the Norwich-based broker.

Alan Boswell Insurance Brokers has reported a drop in pre-tax profit for the year to 31 March 2019.

According to its results, posted on Companies House, the broker’s profit for 2019 was £2.2m, compared to £2.7m in the preceding year.

Turnover rose to £11.3m from £11.0m in 2018, while operating profit also declined slightly from £2.3m in 2018 to £2.1m in 2019.

The business stated in the document that the majority of the drop in profit was due to dividends being paid to the company in the prior year.

The broker, headquartered in Norwich, also reported a profit for the financial year and total comprehensive income of £1.7m (2018: £2.2m).

Meanwhile, the broker’s staff numbers increased to 181 over the year, from 172 in 2018.

Benefit
Alan Boswell stated in the document that it was budgeted to increase its turnover over the coming year.

The business added: “The company believes that we will continue to benefit from the momentum that has built up over the past years, helped by very high client retention and many bespoke and niche products and services.”

It continued: “We are committed to expand further our client base and have a number of new business initiatives in hand.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.

  • LinkedIn  
  • Save this article
  • Print this page  
blog comments powered by Disqus

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: