Brightside first half year profits in line with acquisition forecast.

Brightside, the insurance broking and financial services business, has announced a turnover of £15.6m, for the six months to 30th June 2008. The group’s turnover has soared, with an increase of 39% for the same period last year.

Adjusted operating profit before tax increased to £2.50m (2007 £0.92m) up 172%.

Paul Chase-Gardener, chief executive officer, for Brightside, said: “The acquisition of Group Direct is the beginning of an integrated insurance play which includes specialist niche broking and premium finance services mainly to the SME sector. The financial targets for the first half year were met and the company is well positioned to continue to meet its targets for the full year.

“The growth in the broking operations experienced in the second half of 2007 gives larger renewal banks of policies in the second half of 2008 which we believe will add to income growth. The traditional broking businesses are beginning to benefit from increasing premium rates, and the market is expected to continue to harden over the next 18 months.

“The demand for insurance premium finance (Panacea Finance) is rising as business volumes increase across the other business units. Margins are showing resilience and finance costs are reduced by the effect of cash injections at the time of the re-listing.”