Principal reports large double digit turnover leap for 2017
Broker cites investment costs as profits fall.
Manchester-headquartered Principal Insurance has reported a 63% rise in turnover to £6.12m for the year ended 31 October 2017.
The motorcycle, van and specialist car broker stated that it had achieved strong organic growth across all its main lines of business.
According to the firm, gross written premium for the year rose by 50% to over £15m.
However, operating and post-tax profit both fell.
Operating profit came in at £15,172, down from £327,109 in 2016.
Profit after tax was similarly
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