Intermediary firm A-Plan said it is primed for UK expansion as it posts an 18% increase in profits year-on-year, according to shortened results for the period 1 March to 30 September 2021.
The results reveal the group, which offers health and protection insurance advice along with other general insurances, posted profit before tax of £22.9m for the seven months to 30 September 2021, compared with £19.2m for the same period of 2020.
It also saw revenue increase from £66.7m to £77.2m, along with operating profit which was up from £19.3m to £20.6m.
Following its September 2020 acquisition by Howden, the group’s accounting year was shortened to align with Howden’s year end.
Touching on its acquisition by Howden, the firm said it was focused on continuing to develop sales through its distributed network, while its acquisition would provide further growth opportunities through leveraging Howden’s existing relationship via its branch network, opening more UK branches and broadening the company’s specialisms.
The firm added it is “well positioned” for upcoming Financial Conduct Authority product governance rules, noting its broking model centres on shopping around for clients each year and that providing client value has always been a central component of its operating model.
Reflecting on the pandemic, the firm said its business continuity plans had enabled it to continue successful trading and safeguard the health and wellbeing of its teams.
And while it furloughed a small number of staff it repaid the £300,000 claimed.
Looking ahead, though half of its branch teams continue to work from home, it expects to eventually largely return to in branch working.
