Brightside Group, the Bristol-based insurance broker, said today it had boosted first half pre-tax profits by 80% on turnover up 50%.
Profits were up from £4m to £7.2m while turnover raced ahead from £26.6m to £39.9m in the six months to June 30.
Policy sales grew 98% from 121,735 to 240,665 – although growth was driven mainly by the group's online businesses, eCar and eBike following their acquisition in June 2010, with sales generated during the period reflecting the strength of the policy books acquired.
Chief executive Arron Banks said the first half results were better than expected based on exciting growth in the group's businesses and a substantial rise in earnings per share ( up 69% to 1.10p) as the returns from capital invested in previous periods flows through.
He declared that integration of the eCar and eBike acquisitions is complete and the development of aggregator technology that came with the acquisition of Quote Exchange "is improving our sales offering significantly".
In fact the growth in Brightside's insurance broking business was largely supported by its lead generation business which is producing "low cost and high conversion opportunities". The unit generated 138,581 leads (2010: 92,430) and most were used internally by the group's insurance broking businesses. The remainder were sold externally.
Lead generation remains central to the group, said Mr Banks, and renewed effort is being placed on ensuring the unit is operating at maximum efficiency and generating leads at the lowest possible cost to the group.
Mr Banks added: "The second half has started encouragingly and we look forward to the year end with confidence.”
