Chief executive hails ‘highly creditable’ results
Bluefin’s profit before tax for 2012 increased 54.3% despite full-year revenue dropping 3.2%, according to the firm’s unaudited accounts.
The broker’s profit before tax was £17.9m, compared to £11.6m last year. Bluefin’s 2012 revenue was £99.8m, down from £103.1m in 2011.
The firm said the revenue drop was partly down to dropping the Bluefin Partnership Solutions franchisee business, losing business to Wentworth Alexander, repricing its motor book and not making any acquisitions in 2012.
Earnings before interest, tax, depreciation and amortisation increased 27.5%, from £11.6m in 2011 to £17.9m for 2012.
Bluefin chief executive Stuart Reid (pictured) said: “Against the backdrop of an expected triple-dip recession, a significant increase in the cost of regulation and on-going business failures of even household names, this is a highly creditable performance and demonstrates that there is much to be positive about in our industry and particularly here at Bluefin.
“A good deal of change is coming, and change brings opportunity. Bluefin is determined to take advantage of the opportunities that these changes bring to maximise as much as possible the benefits of our relatively unique parentage, and to put ourselves and the branch network we have right at the forefront of what our clients and network brokers want”.
In a statement, Bluefin said it wanted to increase its client retention, make acquisitions and increase its managing general agent activity in 2013.
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