We're delighted to annouce our income rose during a highly successful year which also saw the firm increase its headcount.
The total income for the year to 30 August 2017 was £6.6m, against £6.4m in the previous twelve months.
The trading performance was boosted by a sharp rise in gross written premiums to £30m in the last year while the investment in staff recruitment meant gross profit came in at £1.4m against £1.5m in 2015/16.
Headcount has risen by 7% to 93 along with the hire of senior manager Alexandra Richards in the Private Clients team. Additional staff were brought in to handle claims, which is a key service area supported by seven staff along with an expansion in IT and Marketing.
The firm is committed to long-term independence and several discussions are underway with a view to acquisitions. Most recently the firm acquired a book of business in the north of Scotland from H&H, an auctioneering business based in Carlisle.
Commenting on the results, our CEO Edward Bruce said:
“It’s been an extremely positive year for Bruce Stevenson Insurance Brokers, we’ve hit our targets but it’s been a period of consolidation. We’ve invested in the business a number of strategic management appointments and customer service/ support roles.
We are now focused on further growth with a focus on our core areas of business and potential acquisitions."
Looking ahead, we've commenced a brand re-launch and new website which will be unveiled in early 2018. The immediate target is to hit double-digit growth again in the current financial year with a focus on our core values of great teamwork, exceptional customer service and assured consistency. There will also be continued investment in staff training and professional development.
Encouragingly a recent staff survey received positive feedback from the 85% of employees who responded, which supports our commitment to being the ‘Broker of Choice’ for both staff and clients.
We made a policy commitment in January to donate a minimum of 2% of net profit to FareShare, our nominated charity. This organisation collects good quality, in-date surplus food from retailers and producers and redistributes it to 476 frontline charities and community groups. The commitment to this charity is underlined by the work our team undertakes within the food and drink sector.