Brightside Group expects record year of growth

published 25 January 2013

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.

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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.