The property insurance services division of Erinaceous has seen its turnover on a like for like basis increase slightly to £13.7m while operating profits have increased to £7.4m (including 9% organic growth). This has seen first half operating margins exceed 50%.
The company said that softening insurance markets have made it a tough year to maintain commission levels, while additional costs have been incurred to comply with all FSA regulations introduced into the sector in 2005. However, it said that these difficulties have been offset by successful internal cross selling initiatives and the use of increased insurer buying powers to boost operating margins.
