Insurance group reports massive gains
Yorkshire based insurance group NCI have defied the gloomy economic outlook by reporting an increase of over 50% in turnover.
The group, which runs several insurance brands such as rescuemycar.com and cover4pets, also reported group sales shot up 63.2% to £16.93m.
Profit for the Harrogate based company is up nearly 300%, to nearly a million pounds, as it seeks to establish itself in several sectors.
Chairman C Richard Jackson MBE identified the breakdown sector as a major contributor to the growth, as NCI increased their market share.
The group aims to target the pet insurance sector in the coming year, and are working on a new project which would include a wholesale product that can be marketed by other organisations but controlled by NCI.
They have made this sector a priority, and expect turnover to exceed the breakdown sector within 18 months.
Chairman Jackson commented: “The results demonstrate an excellent achievement by everyone at NCI; each department has made a significant contribution to a record year. We have increased every KPI by a substantial amount and continue to work together to achieve the growth we desire.”
Although the results show major growth in many key areas, NCI won’t be resting on their laurels, with the motor insurance sector proving particularly difficult.
Jackson said: “Downward pressure on motor premiums has continued during the period making an increase in sales challenging. By developing new routes to market and additional motor products we have been able to build client numbers and considerably increase both turnover and sales.”
He also commented on the future aims of NCI. The long-term goal, he says, is to generate gross sales in excess of £50m, turnover (commission and fees) in excess of £11m and £3.5m pre-tax profit.
The share price fared well also; up 215% to 102.5 pence.
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