Broker Update: Record Revenues for Lycetts, IT Investments & 26 Hires

Lycetts Holdings Ltd has shrugged off subdued economic growth and Brexit uncertainty to post record revenues thanks to “exceptional levels of client service” and a commitment to the “recruitment, training and development of staff”.

The leading insurance broker and independent financial adviser saw turnover rise to £21.6 million, from £20.8 million in 2017 – growth of five per cent. Substantial investments in staff recruitment and new IT systems, to support Lycetts’ growth strategy, saw the company post a pre-tax loss of £224,878.

“It has been a transformational year for our business in a number of key areas, all of which are designed to position us strongly for the years ahead,” said Charles Foster, Lycetts CEO.

“A multi-million pound IT replacement project has helped future-proof our business and has eradicated unnecessary manual tasks to improve the quality of our service. During 2018 we recruited an additional 26 members of staff, employees completed 7,420 hours of CPD and 15 members of staff passed professional qualifications.

“We have also expanded our UK network, opening a new office in South Wiltshire, and relocating to expanded premises in Edinburgh. We have continued to provide charitable grants to The Allchurches Trust Limited, which is Lycetts’ ultimate owner.”

Further 2018 highlights for the company included being awarded Chartered Insurance Broker status by the CII in recognition of its high standards of professionalism, capability and ethical practice. In addition, the Cliverton trading division won the prestigious Schemes Broker of the Year at the Insurance Age UK Broker Awards.

Lycetts is forecasting further revenue growth for 2019 and has committed to continuing its investment in staff along with new business and IT initiatives.

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