Grove & Dean grows revenue and profits in “challenging” year
Niche motor specialist Grove & Dean grew turnover by 2.4% to £18.03m in the year ended 30 May 2024 with the broker’s profits rising faster.
“It was a challenging year, the [rise] was helped by premium increases,” CEO Damian Collett told Insurance Age.
The Top 100 UK broker’s portfolio is predominantly in non-standard vehicles including classic cars and motorhomes, however 15% of revenue came from home insurance with the book also having a non-standard bias, Collet confirmed. The broker boss also detailed the firm closed the financial year with 175,000 policyholders.
ProfitProfits were up by all metrics at the Essex-based company
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