Interim results show increase from £8.37m to £9.72m

NCI Vehicle Rescue has reported a group sales increase of 16.1% up from £8.37m to £9.72m in its interim results for the six months ending 30 September released today.

The launch of new product NCI Drive has helped sales to improve. NCI managing director Neil Richards-Smith said: “The impressive sales increase of 16.1%was partially held back following the delay in the launch of our new product ‘NCI Drive’. This new product, due to launch in January 2013 actually went live in July. Since launch NCI Drive has grown steadily month by month, which, together with the normal increase in sales in the second half, should provide continued double digit sales growth. In the period we also absorbed additional exceptional expenses relating to the new scheme.”

The group has also seen an increase of 20.7% in turnover (commission and fees) from £3.24m to £3.91m.

Gross profit increased by 36.8% from £1.85m to £2.53m and the group’s share price increased to 110.5p from 45.5p in the past 12 months, up 143%.

Richards-Smith added: “We are delighted that our commissions and fees have increased by 20.7% in the first six months, which is excellent considering there is still downward pressure in the market for our main product of motor insurance.

“To facilitate the growth in business it has been necessary to increase staff numbers to over 100, and invest over £150,000 in IT equipment and other infrastructure improvements during the period. We will continue to invest in people, systems and infrastructure to ensure that we can continue to deliver the best products and services at competitive prices.

“In the opinion of the directors, the company is in both a strong financial and structural position for continued growth. We will therefore look at opportunities that emerge to acquire new business for the company to launch products, this is in addition to the expected growth in our current book of business.”