Appointed representative (AR) network Momentum Broker Solutions is the bearer of good news, having enjoyed positive financial results in a year riddled with pandemic-related challenges.
The network, which placed £39 million in gross written premium on behalf of 103 AR partners, revealed the following figures in its 13-page directors report and financial statements for the year ended December 31, 2020:
|
Metric |
2020 result |
|
Turnover |
£7.8 million |
|
Gross profit |
£3.1 million |
|
Operating profit |
£689,573 |
|
Profit before taxation |
£667,908 |
|
Profit for the financial year |
£536,691 |
Momentum’s revenue grew 6% while profit rose 4%. It was also noted that the average revenue increase for Momentum partners stood at 16%.
“2020 was a challenging year for most but several important factors enabled us, and therefore our appointed representative partners, to achieve growth,” said Momentum managing director Howard Pepper (pictured). “We were able to react quickly and effectively to the operational changes necessitated by the pandemic which enabled us to continue trading with little or no impact on service.
“Our previous investment in technology enabled us to respond to the demands of a changed working environment, while the resilience of our sector meant we were able to continue to grow. We were particularly pleased with the support we were able to provide to our partners during these times, who in turn were able to provide excellent support and service to their clients.”
Pepper also highlighted the way in which Momentum staff responded and adapted seamlessly to a new way of working. Meanwhile, investment has been poured into additional office space to provide what the MD described as a safe and flexible working environment for the future.
According to Momentum, it has 16 new joiners to the network, five of which made the switch from other AR networks while the remaining 11 are start-ups.
