Lloyd’s broker made £4.5m profit after tax, compared with 2010’s £381,000 loss
London broker Cooper Gay & Company (CG&C) returned to profit in 2011 thanks to higher turnover, lower costs and a smaller tax bill.
The company, the Lloyd’s and London market division of broking group Cooper Gay Swett & Crawford (CGSC), made a £4.5m profit after tax compared with 2010’s £381,000 loss. Profit before tax was £4.7m (2010: £2.2m).
A CG&C Companies House filing said that the result for the year was “satisfactory” and directors expect future trading to be profitable.
Broking turnover increased 2.1% to £44.4m (2010: £43.5m), while total turnover and other income was up 1.8% to £44.9m (2010: £44.1m).
CG&C said that the turnover growth had come despite continued economic difficulties and the lack of any expected hardening in rates. It said the growth was a direct result of its investment in the energy business and areas where it has a major relationship with other companies within the CGSC group.
Total operating charges fell 3.9% to £40.2m (2010: £41.9m) as a cut in other operating expenses to £13.3m from £17m more than offset a rise in staff costs to £26.9m from £24.8m.
CG&C said its outsourcing project - its back-office functions moved to Xchanging in 2008 - continues to be a success and that “cost management is still a major focus”.