Newcastle law firm Winn Group has announced plans to create more than 150 new jobs on the back of “exceptional” growth to more than £234m turnover.
The Byker based business, which currently has 535 staff, has issued its accounts for the year ended March 31, showing a 139% rise in revenue from £98m to £235m, while operating profit also soared from £14.5m to £23m. Ebitda growth was also strong at £24.7m, up from £15.8m, and overall profit for the year came in at £16.1m, a significant jump on the previous year’s £10.2m.
The company said the growth has been driven by higher volumes of business as the claims management industry contracts, as well as market driven increases in the cost of vehicle repair and hire charges. Looking ahead, the group is targeting organic growth but has not turned its back on acquisition opportunities.
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Chris Birkett, CEO at Winn, said the company’s ability to offer a national one-stop-shop service offering a range of services has proven to be the underlying driver of its success. The company delivers everything from insurance related products to vehicle hire and repair, recovery and storage and personal injury advice, which is proving to be compelling for business partners. He said the new contracts signed during the past 12 months reflect the organisation’s strong market position.
He said: “We are delighted with the financial performance the business delivered in 2022-2023. Our continued growth not only reflects how we have benefitted from the challenges our competitors have faced; it has also been driven by our commitment to being a trusted business partner delivering an exceptional service.
“We are a leading employer in Newcastle, and we have plans to increase the number of employees to around 700 over the next 12 to 18 months. This will be a significant boost to the local employment prospects for people living in and around the area.
“Winn has successfully adapted to the persistent and significant reduction in legal fees which now account for just 7.2% of our turnover. We have shown the ability to not just ride out the storm in the legal market, but to flourish when many others have fallen by the wayside.”
The group said it has made substantial investments in technology, which it sees as crucial to future success.
Jeff Winn, executive chairman, added: “Our medium-term target is to markedly grow our Ebitda which we have done successfully over the last two years. Whilst we do not rule out acquisitions, our primary focus is organic growth which delivers scale without significant injections of fresh capital. I believe the business is well placed to achieve its growth ambitions.
“We can process claims from any part of the UK without the involvement of external third-party companies. This capability allows us to provide a seamless customer journey with no hand-offs, removing friction and delivering customer satisfaction.
“We have witnessed rapid changes to the legal landscape, particularly the substantial reduction in fees brought about by changes in legislation. At Winn we have embraced the change and focussed on delivering comprehensive in-house services that go beyond legal support. This approach has proven successful, as evidenced by our strong financial performance.
“We want to build on this great year and grow our business most likely through organic growth, but if an acquisition opportunity came along that strengthened our business, we would consider it.”
