Verlingue UK Group has released its financial results for the year ending December 31, 2023.
The company reported an 8% jump in turnover, reaching £21,072,000, compared to £19,508,000 in 2022. Profit before tax also posted growth, rising by 4.8% to £3,278,000 from £3,127,000 the previous year, thanks to substantial ongoing investments in the business.
Neil Campling, executive chairman, commented on the performance: “2023 was a challenging year with political and economic uncertainty impacting the UK economy, with inflation remaining higher than anticipated and corresponding interest rates remaining higher for longer.
“Despite these challenges, the business has performed well and remains a prominent independent insurance and benefits broker in the UK.”
Campling also noted the difficulties in the recruitment market but highlighted the firm’s success in attracting high-performing individuals and teams. This has allowed Verlingue UK to expand its geographical footprint with new offices in Birmingham and Gloucester.
“We intend to invest further in 2024 to support our exciting future growth plans,” the executive chair added.
Looking ahead, Verlingue UK’s parent group has ambitious goals, aiming to triple its international turnover in the coming years. It plans to enhance its standing as a family-owned and independent European broker through both acquisitions and organic growth. Campling emphasized the UK business’s crucial role in achieving these targets.
Part of the Adelaïde Group, Verlingue places more than €2.2 billion (around £155 million) in premiums. It is present in France, Great Britain, Switzerland, Portugal, and Italy, employing approximately 2,400 colleagues.
Last August, the brokerage snapped up Brunsdon Employee Benefits in Gloucester, supporting the expansion in the Midlands and Southwest. Meanwhile, in November 2023, Verlingue London Markets was launched following the rebrand of NBJ London Markets.
At the time, Mike Latham said: “NBJ London Markets is a well-known and respected part of our operation, and this rebrand is part of our overall strategy to build an exciting and capable business for our broking partners.
“It was a natural next step to bring the name more in line with our UK and European brand while retaining its distinct specialty.”
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