Record year for Lycetts as profits soar

Lycetts Holdings Ltd has reported record revenues – and a significant increase in profits – thanks to a sustained programme of investment in talent, operations and infrastructure.

The leading insurance broker and independent financial adviser saw pre-tax profit rise to £1.29 million, a year-on-year increase of £1.51 million. Turnover for the year to December 2019 rose to £22.7 million, up from £21.6 million in 2018.

“This strong set of results was achieved against the backdrop of widespread business uncertainty and a weak growth rate for the wider UK economy,” said Charles Foster, Lycetts CEO.

“Our clients have faced a great many challenges, and continue to do so in the wake of the coronavirus pandemic. But we have continued to deliver on our core principles of professional integrity and exceptional service standards, helping to provide security and reassurance during these testing times.

“Our commitment to identifying and recruiting top industry talent, while nurturing the professional and personal development of all employees, has remained resolute.

“In addition, a new IT infrastructure paved the way for significant, group-wide productivity gains by streamlining our operations and enabling us to respond more dynamically to changing customer needs.”

Strategic restructuring to help further raise service standards has included the creation of a single insurance division to replace the group’s separate commercial and private client departments.

Lycetts Holdings also acquired Newcastle-based broker Robertson-McIsaac during 2019, as it sought to broaden its reach and enhance its client offerings.

“We will continue to pursue a balanced strategy of organic growth and targeted, value-adding acquisitions that align with our brand values and corporate culture,” added Foster.

Despite the disruption caused by Covid-19, during 2020 Lycetts is reinforcing its commitment to continued investments in staff, infrastructure and business operations.