Seventeen Group, including James Hallam insurance brokers, Touchstone Underwriting and 4Sight Risk Management, is pleased to announce its results for 2016.
1. Turnover increased by 24% from £10,099,469 to £12,556,884.
2. Investment within the Group for the year amounted to £1.6 million and included the following:
- The acquisition of Annandale Insurance Brokers in Dumfries
- Establishing three new offices in Birmingham, Redhill and Ashford
- Creating three new specialist broking divisions within James Hallam – Sports, Estates and London Markets
- Recruitment within existing specialist divisions, notably Hospitality & Leisure and Pro Med
3. As a result of the above investments, and taking into account the one off expenditure of over £600,000 for which revenue will not primarily flow through until 2017 onwards, the pre-tax profit reduced from £834,591 in 2015 to £583,769 in 2016.
Seventeen Group CEO, comment:
“2016 was an exceptional year for Seventeen Group in terms of investment and development of the business. James Hallam achieved a 30% revenue increase as a result of both organic growth and acquisitions with an underlying organic growth of 24% excluding acquisitions. Touchstone Underwriting and 4Sight achieved a 20% rise in turnover purely through organic growth.
We see the current period as one of exceptional opportunity for focused specialist independent insurance organisations with a clear growth plan. 2017 has continued to see us pursue this objective with the further acquisitions of MRC Insurance and Westscott Insurance Brokers plus ongoing investment in our businesses.”