Growth reflects increase in income and a managed reduction in overheads following a review in 2013

PPI complaints surge

East Anglian-based insurance broker Saffron reported that its pre-tax profits had grown more than six times to £1.1m in 2014 from £184,770 in 2013.

The broker also saw an 8.1% growth in turnover for the same period to £7.1m compared to £6.6m in 2013.

Saffron said there had been a “marked increase” in operating profits, which reflected the increase in income and a managed reduction in overheads following a review in 2013.

Operating profit more than tripled to £1.3m from £414,134, while administrative expenses fell by 5.1% to £5.8m compared to £6.1m in 2013.

Companies Houses show that wages and salaries were fell by 5.3% to £3.2m. Staff numbers fell to 110 from 120.

The broker was also able to slash its net debt to £754,314 from £1.5m.

A representative of Saffron was unable to comment.

 

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