Broker flags continuing investment in staff and IT.

Lycetts has reported a 3% increase in turnover for 2017 to £20.57m.

The broker said the growth reflected a strong performance in a competitive market.

However, operating profit and profit after tax both dropped.

Operating profit declined from £1.92m in 2016 to £977,000 with post-tax profit coming in at £593,000 (2016: £1.33m).

Investment
According to the Newcastle-based firm the drops were due to “continued significant investment in people and IT resources”.

This was reflected in group’s staff costs increasing to £12.75m from £11.93m in the previous 12 months.

The figures in a filing at Companies House also showed that the average number of monthly employees at the Ecclesiastical-owned business grew to 257 in the period from 244 in 2016.

The results were in keeping with the strategy reported in 2016 when the firm also grew with reduced profits due to investments in staff and IT.

Growth
Looking to the future the document stated: “The group is looking for further growth and will continue its investment in new business initiatives, additional staff and further IT development.”

Adding: “Over the next 12-24 months the group intends to continue the work on the IT systems to provide a standardised IT platform across all its business to provide enhanced management and business information to support its growth strategy.”

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