United Insurance Brokers Limited’s profit slipped 65.6% to £512,555 in 2010 from £1.5m in 2009.
The Lloyd’s broker said in a Companies House filing that its 2010 performance had been influenced by the highly competitive nature of the insurance market, further investment in people, training and technology and the prevailing euro and dollar exchange rates.
Turnover dropped slightly to £20.6m in 2010 from £20.9m in 2009, while administrative costs were up £1.8m, or 10%, to £20m from 18.2m.
The average staff employed by the company increased to 179 in 2010 from 174 in 2009, and aggregate payroll costs increased 7% to £13.8m from £12.9m.
The lower turnover and higher administrative costs were slightly offset by positive ‘other income’, which includes interest income and profit from exchange, of £250,043 in 2010, compared with a loss of £522,953 in 2009.
The company’s finances were boosted by £3m during the year from an issue of 3m shares.
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