Swinton Insurance, which includes the specialist motorcycle brokerage Swinton Bikes in its activity portfolio, has reported a profit decline in its 2013 financial year despite a slight increase in revenue.
While turnover grew by one per cent to £304.6m, Swinton’s operating profit fell by 11 per cent to £32.9m. Net profit dropped by 26 per cent to £14.1m.
The company says reduced earnings at an operating level were partly attributable to costs relating to the rationalisation of its high-street branch network, following the closure of 51 branches. A sharp drop in net profit was blamed on lower operating margins and imposition of a £7.4m fine by the Financial Conduct Authority in June last year, for mis-selling insurance add-ons.