Revenue rises at Seventeen Group in 2018
Business also reports falling profits due to costs related to acquisitions.
Seventeen Group has posted a 12.5% rise in revenue to £18.4m for the full year 2018 (2017: £16.4m).
The business also reported a fall in pre-tax profit to £812,716 in 2018 from £1.3m in the preceding year.
In addition, operating profit decreased to £1.0m (2017: £1.4m), while administrative expenses rose to £17.4m (2017: £14.0m).
According to Seventeen Group the reduction in profit had been expected and was driven by increased amortisation charges incurred following acquisitions.
Deals
The business explained that £1.3m of its revenue growth was related to deals made in 2018, including Rupert Burgoyne in February and specialist marine broker Everard Insurance Brokers in July.
During 2018 the company also bought Scottish brokers Complete Insurance Solutions and Total Insurance Services.
The rest was driven by organic growth across both its broker, James Hallam, and its managing general agent, Touchstone Underwriting.
The firm detailed that Touchstone is now writing over £27m in gross written premium.
Seventeen Group’s average number of employees also increased during 2018, from 149 in 2017 to 176.
In 2019, the business has bought Essex-based Graybrook Insurance Brokers and Walker Persson & Spargo in Plymouth with the help of its new financing partner Beechbrook Capital.
Opportunities
Commenting on the results, group chief executive officer, Paul Anscombe, said: “2018 represented a very solid performance by the group. The acquisitions made in 2018 and earlier years have integrated exceptionally well and feel very much ‘part of the family’.
“Now with annualised revenues in excess of £22m Seventeen Group is seeing an increasing number of opportunities to grow and we are in as excellent position to capitalise upon this as a long established and completely independent insurance business.”
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