As revenue hits record...
Sharp rise in profits for broker Bruce Stevenson
Edward Bruce and Mark Dallas
Bruce Stevenson, Scotland’s largest independent insurance broker, has reported a sharp recovery in operating profit on record revenue for year to the end of August.
Operating profit rose 85% to £464,000 while gross written premium (GWP) increased to over £36 million (2018: £33m). Turnover hit £7.6 million against £7.1m in 2018.
Bruce Stevenson made a significant investment in IT systems last year along with the integration of Turriff-based Youngson Insurance Consultants, a bolt-on acquisition completed in Q4 of 2018 to strengthen the firm’s offering in North East Scotland.
CEO, Edward Bruce, said: “2019 was a challenging year for businesses in Scotland and across the UK and many of our clients were not immune to feeling the pain. In uncertain times, we have benefited from providing security and reassurance for our customers and this has translated to a strong set of results.”
Mark Dallas, finance director, said: “We grew all of our main financial metrics – revenue, operating profit, net assets and GWP – in 2018/2019 and have made a strong start to the current year.”
While renewable energy and social housing represent the firm’s two largest sectors, growth has also been posted in other sectors including across Scotland’s food and drink industry where the distillery scene has represented one of Bruce Stevenson’s fastest-growing sub-sectors alongside B&Bs and self-catering accommodation. Commercial, property, private client, art, and farming and estates also remain key sectors.
Looking ahead, the senior management team will continue to consider further growth in niche areas and by way of acquisition.