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PRINCIPAL HITS PAYDIRT

Manchester-based motorcycle broker Principal Insurance has moved into profit for the first time since its foundation in 2011 — 12 months ahead of a target set by chief executive Dave Bowcock.

Revenue for Principal’s 2014-2015 financial year up to October rose by 120% to £1.5m. As a result, it achieved a “modest” net profit of £54,000, against a loss of £51,000 in the previous equivalent period. According to plan, Bowcock had intended to break even. Gross Written Premium (GWP) climbed by 52% to £5m with about 25,000 policy holders on its books, mostly motorcyclists but also including van and classic/specialist car owners.

Principal anticipates reaching £10m in GWP and doubling turnover again by the end of its current financial year — mainly through further organic growth but also thanks to recent acquisitions of a Kendal-based specialist motor broker and the motorcycle books of Simply Insurance and BikeTeam.

Commenting on this good news, chairman Damian Keeling said: “When Dave established Principal he laid out a clear business plan which has been more than delivered in the company’s first four years of operation. That was thanks to intelligently targeted marketing, efficient and effective systems and, not least, the hard work of our experienced and knowledgeable staff whose service gives us a strong competitive edge.”

 

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