Insurance broker Lycetts has achieved a milestone year, propelled by robust sales growth and strategic business acquisitions.
The company reported a 15.8% rise in turnover, reaching £25.1 million, with operating profits climbing 20.7% to £3.77 million.
Lifting the lid on the record-breaking performance, Lycetts chief executive Charles Foster (pictured) noted: “These impressive achievements stem from capitalising on new business opportunities, high client retention rates, strategic acquisitions, and a dedication to creating a positive and fulfilling workplace for our staff.”
Significant growth marked 2023, highlighted by the acquisition of the book of business of BBA Insurance Services and the smooth integration of Robertson-McIsaac and GD Anderson & Co, which expanded Lycetts’ market reach.
The firm also relocated its headquarters to Bank House in Newcastle’s Pilgrim Quarter, underscoring its commitment to future growth and modern work practices.
“The move to Bank House is not just a change of scenery; it’s a step into the future of Lycetts, allowing us room to expand and evolve in a state-of-the-art environment,” Foster pointed out.
Moving forward, Lycetts plans to strengthen its online presence while focussing on core markets such as high-net-worth households, farms, and rural estates.
The CEO commented further: “With a clear strategy and a robust platform set by our accomplishments in 2023, I am confident in our ability to deliver exceptional value and service, enhancing our reputation as a leader in the industry.”
Foster added that the company is committed to making significant contributions to the community while fostering vibrancy in the workplace.
“This balanced approach will help ensure sustained growth and innovation, with the company well-poised for continued success,” he said.
Earlier this year, the equine and bloodstock insurance broker formed a new partnership with the Event Horse Owners Association and also introduced a £1,000 prize for the Eventing Spring Carnival’s Grantham Cup.
“We’re always looking for innovative ways to enhance the competitive spirit and enjoyment of equestrian events,” sales and marketing director Peter Knowles declared at the time.
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