Profit surge at broker boosted by record business wins

Stuart Alexander Group saw profits top £2m in 2005 assisted by record new business wins.

Profits increased by 47% on the previous year, with a turnover of £10.5m in 2005.

The group comprises broker Stuart Alexander and Stuart Alexander Premium Finance.

Group chief executive Stuart Reid said: "Despite tough market conditions, we have posted very satisfying results this year.

"This is due in part to the streamlining of our business and the focusing on core products, the development of new and innovative offerings, the launch of our own instalment facility and the ever-tight grip we maintain on overheads."

Reid said client retention had been "good" and that new business was "at an all time high".

He added that the group would be looking to make further acquisitions, following last year's purchase of marine specialist broker Bishop Skinner.

"We remain committed to further profitable growth and expansion with our stated intent to grow £100m premium over the next few years."

2005 results in brief
Turnover - £10.5m

Operating profit before depreciation and exceptional items - £2.01m

Pre-tax profit - £1.1m