Principal Insurance makes first ever profit

Three shrubs in a row each larger than the other

Principal Insurance has made a profit for the first time since its creation and a year ahead of schedule according to the broker.

It noted that when Dave Bowcock founded the Manchester-headquartered firm in 2011, the business originally targeted its 2014/15 financial year, which ended in October, to break even.

However, the broker noted that a 120% increase in turnover to £1.5m (2013/14: £678,000) meant the company posted a "modest post-tax" profit of £54,000 for 2014/15 reversing a loss of £51,