Half-year pre-tax profits have risen by 14% at Brightside, the Bristol-based specialist insurance broker, as it continues to grow in the small business and motor markets
The firm has also paid shareholders its first dividend since floating on the London Stock Exchange four years ago.
Revenue climbed by 10% to £43.6m, with pre-tax profit increased by 14% reaching £8.2m in the six months to June 30. Net pro
fit margin (based on pre-tax profit) increased from 18% to 19%.
During the period it also acquired its head office building – the former motorway services at Aust – for £3m.
Core market policy sales increased by 3% to 194,808 during the period, Brightside said. Since the half-year ended Brightside has successfully launched ‘white labelled’ insurance products for Asda Money and Debenhams.
Chief Executive Martyn Holman, said: “The board views the prospects for the remainder of 2012 and beyond with confidence. Our long-term aim is to build an outstanding major insurance distribution business. The strong performance in the first half is another important step in this direction.”
The results are the first since co-founder and former chief executive Arron Banks quit the business.
