Broking group outlines battleplan to get through tough market
Swinton’s profit for the 2015 financial year fell 26% to £16m amid ‘very competitive’ market conditions.
The broking group was hit hard by a 7% fall in revenue, from £285.9m (2014) to £265.3m (2015).
| £(millions) | 2015 | 2014 | Change |
|---|---|---|---|
| Turnover | 265.3 | 285.9 | -7% |
| Profit for financial year | 16.1 | 21.6 | -26% |
| Live policies | 2.7 | 3 | -10% |
The number of trading branches and call centres fell 8% to 368. Live policies were down 10% to 2.7m.
Explaining the tough market faced by brokers, Swinton said in its recently released accounts for 2015: “The company operates in a highly competitive market which has changed in structure substantially over recent years with the entry of many major retailers, a reduction in the number of small brokers and the further development of internet trading.”
However, Swinton said it was equipping itself well for the future, having undergone a strategic review.
“The company is committed to operating a sustainable omni-channel distribution model and is actively addressing these business challenges through the ‘simplify and focus’ strategy to remove complexity, reduce costs and deliver excellent customer service and value.
“Central to this is the replacement of the core broking system together with improved customer centric business processes.”
No comments yet