Specialist motorcycle insurance broker M C Edwards (MCE) — high-profile title sponsor of the British Superbikes Championship — has revealed a sharp drop in net profit for its 2013 financial year.
Despite posting a 34.2 per cent revenue rise to £23.13m and a strong 268.3 per cent operating profit improvement to £59,079, net profit fell by 61.6 per cent to £4249.
A directors’ report filed with these accounts said MCE had faced a number of market challenges during the year, but these had been identified and dealt with through “implementation of proactive solutions”. It also credited revenue growth to “marketing initiatives and systems advancements in the business”.
This statement went on: “The directors are of the opinion that the coming financial year will continue to be challenging, with the company facing increased competition, resulting in industry pressures. The company plans to counteract this stagnant market by continued focus on sales. Additionally a continuous cost monitoring and control programme will be undertaken.”