Profits and turnover rocketed in year when directors were sacked

Money pounds cash Pensions Insight

Swinton Group paid its sacked directors £1.2m in compensation for their dismissal, according to accounts released today.

Swinton’s parent MMA Holdings UK decided last year to clear out a number of senior Swinton executives, including chief executive Peter Halpin, in a row over share incentive awards.

The two parties eventually settled out of court for an undisclosed sum. According to the accounts, Swinton Group paid the directors £1.2m compensation for loss of office, although it does not specify exactly which directors were paid.

The group paid directors £2.79m, which comprised the £1.2m compensation for loss of offices, £1.26m remuneration, and a series of smaller payments including contributions to pensions.

The accounts also reveal that Swinton Group turnover increased 18% to £277m and after-tax profit was up 33% to £36.1m for 2011.

The figures are broadly similar to those told by chief executive Christophe Bardet in an Insurance Times interview in July. Swinton declined to comment.