Carole Nash upbeat despite profit dip

Motorcycle broker Carole Nash reported “satisfactory and robust” results for the year ended December 31st 2009.

The Altrincham-based company posted a fall in pre-tax profits to £6.2m (2008: £7.6m) on turnover of £24.2m (£24.9m).

Commercial director Simon Jackson said: “Because for many customers motorcycling is a lifestyle choice rather than, as with motoring, a practical necessity it is much more of a discretionary spend. In the light of the deep recession and accompanying suppression of premiums I am delighted that we’ve secured such a satisfactory and robust performance. The underlying strength of the business coupled with new and planned innovations means we are well placed to secure growth as the economy recovers.”

He said the market had responded well to the launch at the end of last year of its Six Wheel scheme which allows people to cover both a bike and a car on the same policy. The broker has also made progress in new specialist vehicle markets serving motorhome and military vehicle enthusiasts.

“These are natural extensions to the brand as, like with motorcycling, they are enthusiast led niches requiring specialist attention,” Jackson added. “Six Wheel also presents excellent cross marketing opportunities within our existing motorcycling customer base as most of our biking policyholders also own cars. It’s an attractive proposition as it cuts not just cost but paperwork and inconvenience, and that’s been reflected in early sales which have exceeded our expectations.”

For more, including an interview with Carole Nash chief executive David Newman, read this week's issue of Insurance Times, out Thursday, or online Wednesday.