North East insurer Lycetts is on the acquisition trail after a successful year saw profits top £3m.
The Newcastle business, which was founded in 1961, next month moves its workforce into the new Bank House office scheme in Pilgrim Street, topping a strong year which has seen revenues and profits rise. The firm, which also has 16 bases around the UK, has published accounts covering 2022 which show turnover increased from £23.5m to £25.5m, while operating profits rose to £3.07m from £2.75m in 2021.
Pre-tax profit improved on 2021’s result of £2.67m to £3m, despite being affected by the insurance impact of Storm Arwen, along with property investments that included new offices in Godalming and its new Bank House headquarters in Newcastle. The group – which specialises in farm and estate insurance, financial services, commercial and bloodstock insurance advice – had an average of 263 employees across its UK offices, with more than 100 based in its current head office in Milburn House on Dean Street.
