Personal lines specialist high street broker A-Plan grew turnover by 22% and pre-tax profit by 20% in the year to 30 September 2022.
Turnover reached £144.6m, while profit came in at £37.5m. The company’s preferred measure: earnings before interest, taxes, depreciation and amortisation (Ebitda), was also up rising 21% to £43.9m.
In a filing at Companies House A-Plan Holdings, which is now owned by Howden after the takeover completed on 31 March 2021, detailed that the growth had been underpinned by marketing investment, branch openings and developing specialty centres.
At the end of the financial period, the number of branches had grown by three to 112, with 42 commercial centres within its regional network and 1,723 staff in total.
The broker also highlighted that policy numbers had grown despite new and used car sales being down 8% compared to the prior year reducing new business opportunities.
Deals
During the year, A-Plan bought Watkin Davies Insurance Consultants in South Wales, adding £10m in gross written premium to the company.
According to the Companies House document, the deal completed on 1 November 2021 and cost £5.77m, of which £2m was deferred for a year.
Post the year end, in December 2021 A-Plan bought Primo Plc for £2m and RSP Oxford for £1.7m, the filing reported.
As revealed by Insurance Age in November 2021, Kelly Ogley was promoted to CEO of A-Plan, with group CEO Carl Shuker remaining to focus on the wider business, which includes Endsleigh, Assured Futures and KGM.
Shuker is now Howden Broking Group’s CEO for UK & Ireland.
Future
Looking to the future, the A-Plan directors set out in the Companies House document that the broker would focus on growing client numbers off the back of “very strong” retention rates, cross-selling and local marketing.
“This growth will be further bolstered as the company takes advantage of the considerable opportunity for expansion in the UK by opening new branches and developing specialist product areas,” they wrote.
The directors added: “The company remains committed to this highly successful model following Howden’s acquisition.
The markets Howden and A-Plan serve are highly complementary, and our ever-growing regional client reach and access will deliver incremental growth opportunities for both businesses, and to our existing insurer partners.”
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