Member Article

Be Wiser Insurance announces financial results

Be Wiser Insurance Services Limited, an insurance broking business based in Andover, Hampshire, has today announced its financial results for the year ended 31st May 2015.

Key highlights are:-

• Increase in turnover to £28.2 million from £25.9 million in the previous year
• Increased policies of 202,000 from 175,000 last year
• Balance Sheet net assets now £1.75 million – up from £1.65 million

Commenting on the results, financial director Andrew Dunkerley said, “The year has been a challenging one in that motor insurance premiums (which account for approximately 90% of the company’s turnover) continued to decrease during the year and consequently we saw a reduction in our earnings per policy.

“It is this factor that had the largest impact on our profit before tax and dividends – £1.76 million v £2.18 million in the previous year. That said, an increase in number of policies to 202,000 will set us in good stead for the year ahead, with both an increased renewal base and the opportunity to see growth in earnings if motor insurance premiums are to rise.”

The company has continued to invest in staff and staff training and at the end of May 2015 the company had 640 staff compared to 540 at the same period last year. In addition, the financial year bore additional expenditure from taking on two new leasehold properties together with the associated costs of fitting-out these premises, while also fully refurbishing its other offices – it also acquired a freehold property in the year which was completely refurbished to create a staff canteen area together with meeting and training rooms.

The company continues to be privately owned with no bank or other indebtedness and has further strengthened its balance sheet net assets at May 2015.

This was posted in Bdaily's Members' News section by Be Wiser Insurance .