Profits and turnover rise in a bumper 2011 year
Swinton’s profits and turnover grew rapidly last year, fuelled by acquisitions, online sales and new product releases.
After-tax profits shot up to £34.3m last year, compared with £28.1m in 2010. Turnover grew 18% to £329m.
Sharholders funds increased to £142m from £124m. The accounts of MMA Holdings UK, Swinton’s parent company, said: “Operating profit before share scheme and exceptional items showed an 80% growth compared to the prior year despite continued challenging market conditions, with a lack of consumer confidence due to the general economic environment continuing to impact on renewal and cancellation rates.
“Significant further investment in marketing and expenditure impacted short-term profitability whilst developing customer numbers for future growth.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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