Newcastle-based Winn Group, a provider of accident management services, has reported its year-end financial results for 2023.
The company experienced a boost in turnover compared to the previous year. This growth can be attributed to both an industry-wide decline in claims management services and market-driven increases in vehicle repair and hire charges.
“We are delighted with the financial performance the business delivered in 2022-2023,” said Chris Birkett, CEO at Winn Group.
“Our continued growth not only reflects how we have benefitted from the challenges our competitors have faced; it has also been driven by our commitment to being a trusted business partner delivering an exceptional service.”
The company’s success has allowed it to employ 535 individuals and achieve a turnover of £235 million, representing a 139% surge from the previous year’s £98 million.
“Winn has successfully adapted to the persistent and significant reduction in legal fees which now account for just 7.2% of our turnover. We have shown the ability to not just ride out the storm in the legal market, but to flourish when many others have fallen by the wayside,” said Birkett.
Additionally, Winn Group’s EBITDA stands at £24.7 million, surpassing the previous year’s £15.8 million.
“Our medium-term target is to markedly grow our EBITDA which we have done successfully over the last two years. While we do not rule out acquisitions, our primary focus is organic growth which delivers scale without significant injections of fresh capital. I believe the business is well placed to achieve its growth ambitions,” said Jeff Winn, executive chairman and founder at Winn Group.
Winn Group’s performance can be attributed to its ability to provide a comprehensive range of services as a national one-stop-shop, it stated.
The company’s in-house delivery of insurance-related products, vehicle hire and repair, recovery and storage, and personal injury advice has attracted numerous business partners and facilitated the signing of new contracts, it outlined.
“We can process claims from any part of the UK without the involvement of external third-party companies,” said Winn. “This capability allows us to provide a seamless customer journey with no hand-offs, removing friction and delivering customer satisfaction.”
Birkett highlighted the instrumental role played by the company’s 24/7 First Notification of Loss (FNOL) service capability. This capability has positioned Winn Group as “a preferred partner to the insurance industry”, with their team of practitioners supporting 60,000 customers in the past year.
The company’s in-house legal team of solicitors has also contributed to its success by collaborating with third-party insurers, resulting in a 98% success rate in settling cases without the need for trial.
“Insurers frequently approach us to tap into our early intervention and defence capability, acknowledging our expertise and reliability in this field,” said Birkett.
“One of our key advantages is our in-house skill set, enabling us to deploy our own professionals to handle the various aspects of the claims process. Beyond the vehicle repair and recovery, our team can provide second medical reports, as well as physiotherapy and rehabilitation services. This comprehensive, under one roof solution, is a significant point of difference from the competition.”
Based in a disadvantaged area of Newcastle, Winn Group has demonstrated its dedication as an ESG company. The company has offered significant employment opportunities to the local community and contributed to charitable causes.
The Souter Charitable Trust, which directly owns 21% of the company, benefits directly from Winn Group’s success. In March 2023, the Souter family demonstrated their confidence in the company by significantly increasing their ownership to 43%.
“We are proud of our role in the local community and when we grow as a business, that success is shared with the many good causes we support,” said Birkett.
“We are a leading employer in Newcastle, and we have plans to increase the number of employees to around 700 over the next 12 to 18 months. This will be a significant boost to the local employment prospects for people living in and around the area.”
“We have witnessed rapid changes to the legal landscape, particularly the substantial reduction in fees brought about by changes in legislation. At Winn we have embraced the change and focussed on delivering comprehensive in-house services that go beyond legal support. This approach has proven successful, as evidenced by our strong financial performance,” said Winn.
“We want to build on this great year and grow our business most likely through organic growth, but if an acquisition opportunity came along that strengthened our business, we would consider it.”
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