Profits and turnover rocketed in year when directors were sacked
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.
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