Highway reports 27% rise in profits
Highway has reported pre-tax profits of £24.3m for 2007 – an increase of 27% on the previous year.
Gross written premium for 2007 was 4% up on 2006 to £250.6m. The private car account grew by over 20%, but commercial vehicle and fleet premiums reduced by 17% and 12% respectively in the face of poor market conditions.
Net assets rose by 11% to £103m (2006: £93m) after accounting for a more prudent IAS 19 pension position The company also reported a 13% increase in policy growth in its Hero broking arm to 234 000 policies.
Richard Gamble, Highway chairman, said: “This is a strong result at the
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