Profit up 13% for Abbey Protection
Abbey Protection has reported a 13% rise in pre-tax profit for 2008, to £8.3 million.
Revenue increased 11% to £30.3 million and the company reported an improved claims ratio of 63.9%, down from 69.7% in 2007.
The firm, which specialises in legal and professional fees insurance to UK small and medium-sized enterprises, says it had cash and financial investment balances of £33.6 million at the end of last year.
Chief executive, Colin Davison, believes the results represent another solid year’s trading while at the same time emphasising the strength and non-cyclical nature of the company’s business model.
He comments: “Growth across all areas of the group, combined with the signing of a new long term contract with the Federation of Small Businesses through to 2014, has seen us consolidate our position.”
Last year saw the firm make its first acquisition, purchasing independent accountancy, tax and employment law consultancy, Accountax, for £4.4 million.
The move gave Abbey an additional range of services and products to market through its accountancy practice clients.
Category: Companies News, Financials, Insurance News
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