It looks like Lycetts Holdings Ltd is in the process of sowing seeds – reporting a setback in terms of profitability in the name of future benefits.
The Newcastle-headquartered insurance broker, which last year was awarded Chartered Insurance Broker status by the Chartered Insurance Institute (CII), has revealed a pre-tax loss of £224,878 for 2018 which it attributed to sums poured into staff recruitment and new IT systems.
According to Lycetts, the substantial investments were part of the company’s growth strategy.
“It has been a transformational year for our business in a number of key areas, all of which are designed to position us strongly for the years ahead,” stated chief executive Charles Foster (pictured). “A multi-million pound IT replacement project has helped future-proof our business and has eradicated unnecessary manual tasks to improve the quality of our service.
“During 2018 we recruited an additional 26 members of staff, employees completed 7,420 hours of CPD (Continuing Professional Development), and 15 members of staff passed professional qualifications.”
Revenue-wise, Lycetts enjoyed a 5% increase in turnover from £20.8 million in 2017 to £21.6 million in the latest financial year. For 2019, the firm said it expects further revenue growth.
“We have also expanded our UK network, opening a new office in South Wiltshire, and relocating to expanded premises in Edinburgh,” added Foster. “We have continued to provide charitable grants to The Allchurches Trust Limited, which is Lycetts’ ultimate owner.”