Insurance company Lycetts has more than doubled its pre-tax profits in the space of a challenging year.
The firm, headquartered in Milburn House in Newcastle, was founded on Tyneside in 1961 and now has 16 offices around the UK. The group specialises in farm and estate insurance and also provides financial services, commercial and bloodstock insurance advice. All its available profits are passed onto the company’s ultimate owner, the charity Benefact Trust, which invests them back into the community.
Despite 2021 beginning and ending with lockdowns, the group saw turnover for the year to December 2021 rise to £23.5m, up from £22.4m in 2020. Pre-tax profit increased by 154% on the previous year, from £1.1m to £2.7m. Operating profit also more than doubled, from £1.14m to £2.75m.
Read more: CEO of battery plant firm Britishvolt steps down in management shake-up
The group said it exceeded its sales target for the year, buoyed by a number of significant new business wins and strategic initiatives. Wins included a comprehensive review of all affinity partnerships and the implementation of a series of successful sector-specific sales campaigns.
The launch of a new website also saw digital traffic increase by 209%. Writing in the accounts, CEO Charles Foster said: “The hybrid working model established at the start of the pandemic in 2020 was successfully embedded, enabling the company to continue to deliver the highest possible service standards to clients.
“Continued investment in our people - through training, sponsorship and qualification programmes - and in our operations and infrastructure, ensured we maintained our growth trajectory. This included the opening of our new Northamptonshire office in Pitsford.”
“Our new tiered service structure also helped us meet client needs by enabling us to deliver a service appropriate to their requirements. Notably, this was evidenced in the efficient manner in which claims were managed following Storm Arwen. Operational cost savings were realised by finalising the introduction of company-wide paperless processes.
“In addition, the Working From Home directive meant a significant reduction in transport costs. These savings, largely a result of pandemic restrictions, are expected to continue in the wake of the new working structures and processes.”
READ NEXT
- South Tyneside's £20m Levelling Up bid aims to expand pioneering energy network
- Metrocentre Partnership acquires former brewery base amid plans for leisure attraction
- Newcastle fashion entrepreneur launches Cloan clothing rental business
- Oversupply of student accommodation triggered collapse of Newcastle Glassworks firms, administrators say
- Read more North East business news here
