Winn Group has reported robust financial results for 2024, demonstrating strong performance in the face of challenging market conditions.
Revenue for the year reached £190.1 million, up 27% from £149.6 million in 2023. Gross profit increased by 41% to £54.2 million from £38.3 million the previous year.
EBITDA before exceptional costs rose by 51% to £37.4 million, compared to £24.7 million in 2023. The employee count also grew, with 671 employees in 2024, up from 531 in 2023.
Throughout the year, the FNOL team expanded and managed around 10,000 calls per month, assisting motorists and passengers involved in road collisions. The company also arranged over 20,000 hire cars for claimants, with rental costs across all models remaining high from the previous year.
Traffic volumes and incidents were nearly at normal levels, but road traffic accident volumes and hire instructions to the business increased by 12% and 26%, respectively, reflecting Winn's growing client base.
The business saw strong organic growth, margin improvements, and tight control of overheads despite an inflationary environment. Win noted that a supportive work culture fostering high employee engagement also contributed to the company’s success.
CEO Chris Birkett (pictured above) commented on the company's performance for 2024 to date.
“The stability of our management team has been instrumental in maintaining our commitment to strategic growth and profitability. Equally, we all take immense pride in cultivating a work environment that offers excellent career opportunities for every member of the Winn team. Our goal is to empower each individual to maximise their talents and contribute to our ongoing success,” Birkett said.
Winn Group’s On Hire Limited saw a 29% revenue increase due to higher levels of hire, repair, recovery, and storage instructions, as well as growth in ancillary revenue, including salvage. Winn Solicitors ended the financial year with a 6% increase in overall legal fees, driven by a 71% rise in non-PI legal fees.
In partnership with Palladium, Winn conducted an extensive AI readiness review, identifying projects to leverage AI in transforming the accident management and insurer BPO space. A head of innovation has been appointed, and a change team has been established to ensure the success of these AI projects. These initiatives are expected to facilitate scalability as the organisation continues to grow.
The group holds carbon neutrality and carbon offset certification from Carbon Footprint Limited, reflecting its commitment to addressing climate change. Over the past five years, Winn has taken steps to reduce energy consumption and carbon footprint.
Recent measures include LED lighting, advanced detection sensors, a daylight harvesting system, and upgraded A/C controls, resulting in up to 50% energy reduction in large open areas. Additionally, photovoltaic solar panels have been installed to reduce grid energy use and boost self-generated electricity.
Winn Group remains dedicated to supporting the local community, raising over £100,000 for charities, community groups, and local sports clubs in 2023. The Bradley Lowery Foundation, the group’s chosen charity of the year, received over £16,000 through employee fundraising initiatives.
“The group is in a strong financial position and well placed to take advantage of business opportunities if the strategic fit is right. We are also looking at extend our services for insurer clients to include the management of fault incidents, which we feel could come under Consumer Duty requirements,” Birkett said.
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