Insurance broker and financial adviser Lycetts have reported an increase in turnover and pre-tax profits, despite the market challenges posed by the past year.
In the financial year ending 2022, Lycetts witnessed a £2 million surge in turnover, reaching £25.5 million compared to £23.5 million in 2021. Furthermore, the group’s pre-tax profit saw an 11% year-on-year increase, climbing from £2.7 million to £3 million.
Commenting on these results, Lycetts CEO Charles Foster (pictured) attributed the group’s success to a “robust business strategy and high-quality talent” within the organization.
“Exceeding an 11% target for new business, along with a high retention rate for existing clients, proved central to our success,” Foster said in an emailed release. “Despite the hard market, notable gains were achieved across household and commercial lines.”
The announcement by Lycetts also highlighted its commitment to accelerate growth through organic initiatives and strategic acquisitions. Part of this push was the recent acquisition of G.D. Anderson and Co in Northamptonshire, which expanded the group’s reach into a previously underserviced area of the country.
“The scope for further growth continues as we eye an exciting future from our new headquarters at the landmark Bank House development in Newcastle,” Foster added.
Part of the Benefact Group, Lycetts specializes in farm and estate insurance and provides bespoke financial services as well as household, commercial, and bloodstock insurance advice. It currently has 16 locations throughout the UK, with its headquarters based in Newcastle-upon-Tyne.