Turnover ticks up but profits down at SEIB in 2022
SEIB Insurance Brokers grew revenue by 1% to £12.4m in 2022, a year that concluded with it becoming part of Lloyd & Whyte.
According to SEIB, the organic growth was due to maintaining renewal rates and winning new business.
However, in a filing at Companies House, the business noted that the “economic squeeze” at the end of the year had hit consumer parts of the business such as equine and personal lines which “quickly saw a downturn”.
ProfitOperating profit and profit after tax were both down year-on-year.
Operating profit fell 17% to £1.97m at the schemes specialist while post-tax profit dropped 11% from £2
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