Brightside achieves tenth year of record results

Specialist insurance broker Brightside unveiled a rise in annual profits on Friday as insurance policy sales grew.

Specialist insurance broker Brightside unveiled a rise in annual profits on Friday as insurance policy sales grew.

Profit before tax for the year ended December 31st 2012 came to £17.5m, up 28.7% on the previous year.

Revenues increased by 13.4% to £91.2m boosted by a 4.8% jump in total insurance policy sales to 465,726.

Results were also aided by the successful launch of white labelled affinity insurance products last July. The company landed affinity contracts with Debenhams and Asda last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 21.6% to £22.5m.

Earnings per share increased 35.6% to 2.78p.

The company recommended a final dividend of 0.28p per share.

"2012 was the tenth successive record year for Brightside with 35.6% growth in earnings per share. In particular, the systems capability purchased late in 2011 and a strengthening of our panel of insurers has enabled us to grow our eCar on-line offering and initiate affiliate programs for major brands and we have seen continued growth in our ancillary businesses," said Chief Executive, Martyn Holman.

RD

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