Leading insurance broker and independent financial adviser Lycetts has seen turnover and operating profits continue to soar, despite a challenging market and volatile economy. Turnover for the year rose by £2m to £25.5m, up from £23.5m in 2021. Pre-tax profit meanwhile increased by 11 per cent year-on-year, from £2.7m to £3m
“We are delighted by Lycetts’ impressive performance in 2022, underpinned by a robust business strategy and high-quality talent,” said Charles Foster, Lycetts CEO. “Exceeding an 11 per cent target for new business, along with a high retention rate for existing clients, proved central to our success. Despite the hard market, notable gains were achieved across household and commercial lines.”
The Newcastle-based company remains committed to accelerated growth through organic initiatives and strategic acquisitions. This included the purchase of G.D. Anderson and Co in Northamptonshire to help expand its reach in a previously underserviced area of the country.
Foster added: “The scope for further growth continues as we eye an exciting future from our new headquarters at the landmark Bank House development in Newcastle.”
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