CEO of The Qdos Group says “innovative insurance solutions” helped firm top The Sunday Times BDO Profit Track 100 list
An insurance technology business has been recognised as the private company with the highest profit margin in the UK according to The Sunday Times BDO Profit Track 100.
With a profit margin of 51.5% in 2017 the Leicestershire-based Qdos Group placed top of the list and also had the 55th fastest growing profits in the past three years, declaring £7.1m profit at its end of year in December 2017 with an annual growth of 70%.
The Sunday Times list was published yesterday and celebrates Britain’s private companies with the fastest-growing profits.
The Qdos Group has a staff of 71 and chief executive of the group’s insurance division Seb Maley put the success down to continuous innovation, a lean business model and rapidly scalable solutions.
Maley said: “Obviously, we’re delighted at being the private company with the highest growing profit margin in the UK. Placing first is a huge achievement, and a testament to the entire team’s dedication to providing innovative insurance solutions day-in, day-out.
“We recognised that to keep pace with the evolving employment landscape, insurance and workplace solutions desperately needed innovating. And so, we invested in researching, developing and building our own solutions, which has contributed to our recent success.
“Our investment and focus on technology has allowed us to maintain a relatively small cost base and headcount whilst driving growth through our online platforms, which we made sure were scalable from the outset.
“As the only insurance provider on the list, we’re thrilled to represent part of the change our industry is currently experiencing - something which will spur us on, as we focus on building smarter, more cost-effective solutions for the new world of work.”
Richard Rose, partner and head of the Midlands at BDO, the title sponsor of the league table, added: “These high-growth, high-energy and highly-entrepreneurial companies will be the difference between success and failure in our post-Brexit economic future. These businesses are playing their part by recording strong levels of revenue and profit growth and by creating jobs. We’d like to see the government do more to help them by focusing on skills, infrastructure investment and tax simplification.”