A-Plan spends £13m on book acquisitions as revenue breaks £100m

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Financial results filed for 2019 show the impact of the company’s acquisitive streak.

A-Plan Holdings spent £13.11m on book acquisitions in 2019, up from £5.58m a year prior, financial results filed on Companies House have revealed.

The results covered the year to 28 February 2019.

During this time, the broker spent £9.4m acquiring Jelf’s personal lines business. The deal added two offices in Evesham and Malvern to the business.

A-Plan also announced purchases of SME broker Oliver & Sanders in May 2018 and Endsleigh in January 2018.

Results
Revenue at A-Plan increased from £93.36m in 2018 to £101.67m in 2019.

Similarly, profit before tax rose from £29.95m in 2018 to £31.16m in 2019.

The strategic report heralded “a strong trading performance against a backdrop of a deflationary private car market with the consequent reduced levels of market churn”.

It continued: “Growth was underpinned by targeted investment in marketing, new openings and the ongoing development of our specialty centres, whilst successfully rolling out the new policy administration system, Applied Epic”.

Software
During the year to 28 February 2019, A-Plan spent £900,000 rolling out the software platform Applied Epic across its branches.

The majority of the broker’s 94 offices (up from 90) transferred to the platform during the last six months of the accounting period. The remainder were scheduled to have been transferred by the end of Q2 2019.

The strategic report stated: “As a modern cloud-hosted broking platform it will provide the ability to scale more efficiently, enable extended contract hours for our clients and provide a platform to enable the business to become truly omni-channel.”

A-Plan said “the system has landed well, with a very successful data transfer”.

Staff
Staff numbers at A-Plan rose from 1,313 to 1,452 over the period.

Consequently, the amount spent on wages and salaries increased from £37.00m to £40.62m.

The strategic report clarified that A-Plan does not pay staff commission as it believes it “ensures an alignment with clients’ best interests”.

Despite the number of directors at the company rising from 5 to 6, the amount paid in remuneration fell from £1.54m to £979,500.

The amount paid to highest paid director fell from £583,700 to £336,000.

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