Broker Sure Thing has grown its policy count by 12.8%, while making an operating loss of £1.9m in its fourth year of trading.
Sure Thing saw gross written premium increase marginally for the year ended 31 March 2018, up to £32m compared to £31.7m for the previous period. It increased its policy count by 12.8%, as part of an effort to boost the number of policies while writing lower premiums.
The car and van broker made an operating loss of £1.9m, an increase of £100,000 on the previous year. According to Companies House filings this was £1m “better than budget”.The broker saw administrative costs of £5.7m, while cost of sales was £7.6m.
Revenue dipped £1m on the previous year, at £11.4m.
Sure Thing will aim to launch MGA Stabilis in early 2019.
Brendan Devine, Sure Thing CEO, said: “We are very pleased to see such an uplift in our policy count given our strategic move to focus on increasing these numbers, and our operating loss and revenue – which was down £1m to £11.4m – are very much in line with our forecasts and plans in just our fourth year of trading.
“We have concentrated on ensuring we are lean, streamlined and nimble, looking carefully at cost savings, chiefly through less new business volumes and significant policy growth from the renewal book.
“As we look ahead to the year ending March 2019, we are on track to further increase our policy count and GWP, and build on profitability. In early 2019, we will launch our own MGA, Stabilis MGA Ltd. This will give us the control to grow policy count and revenues even further, as well as complementing the existing broker panel and diversifying the portfolio.”
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