Brightside Group expects record year of growth

Insurance broker Brightside Group said Friday it expects to report 'significant growth' in turnover and profit in line with market forecasts.

Insurance broker Brightside Group said Friday it expects to report 'significant growth' in turnover and profit in line with market forecasts.

Shares jumped 6.21% to 23.50p at 8:40 after the company projected a 5.0% increase in total policy sales to 4.6m for the year to December 31st, including discontinued and marginal lines.

Results were driven by the group's lead generation business which focused on producing high converting, and profitable lead sources for use within broking units.

Online car insurance service eCar was also a big contributor to revenues, delivering a 13% increase in annual policy sales.

The total value of premium finance loans generated £167.0m, a 23% increase from the previous year.

"Through increased policy sales, combined with strong performances from the group's non broking divisions the board expects to report results for the year in line with market expectations," Brightside said in a statement.

The company expects a record year and an increase in earnings per share. A strong balance sheet, supported by operational cash flows, allowed the group to declare its maiden interim dividend in October of 0.22p per share.

Brightside posted a circular to all shareholders requesting approval to buy back up to a total of 10% of the current issued share capital.

RD

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022