Simply Business parent Xbridge posts revenue rise but profits slip
Online broker Xbridge, which trades under the name Simply Business, saw a slight fall in profits in 2022 as revenue grew by 13%.
Revenue at the SME and landlords specialist was up £16.7m year-on-year at £148.6m driven by a combination of new business sales and a growing renewals book.
However, both operating and post-tax profits declined compared with 2021, with the business citing higher staff and marketing costs. Administrative expenses went up by almost £10m to £95.4m.
Operating profit in the year to 31 December declined 8% to £17.1m as post-tax profit dropped just under 2% to £14.7m.
Headcount at the company rose
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