Brightside looks to further growth as profit soars 182%
by Gill Montia
Brightside Group has reported a 182% rise in profit from continuing operations in 2008, to £6.2 million. Revenue increased by 42% to £33.2 million.
The results compare with profit of £2.2 million and revenue of £23.3 million in 2007.
The firm saw its insurance broking customer base expand to 149,381 last year (up from 131,254 in 2007) and asserts that its call centre based van business is the largest broker of small commercial van policies in the UK, having sold 88,000 policies last year.
Further strong growth is expected as Brightside only acquired online van insurance broker, eVan, in December of last year.
According to the broker, the division is now generating in excess of 2,000 policies per month and performing 65% ahead of forecasts given when the business was acquired.
Brightside added that its SME insurance unit recorded 26,000 policy sales in 2008 and continues to offer a full range of commercial insurance products including fleet insurance, package commercial, and large commercial risks.
The group’s personal lines business also experienced strong growth in 2008, with motor and household sales increasing 30%, to 16,500.
Its online household insurance brokerage, eHome, saw policy sales increasing from 1,800 in 2007 to 11,000 last year.