Profits and revenue rise at Brightside
Bristol-based broker Brightside Group has reported a 48.1% in revenue to £66.2m (2009: £44.7m) along with a rise in profits after tax from continuing operations to £6.49m (2009: £4.66m) in its year end results for 2010.
The figures for the year to 31 December revealed a 63.8% increase in total policy sales to 339,916 (2009: 207,509) with van insurance rising from 115,728 in 2009 to 122,989 in 2010.
EBITDA before exceptional other income and share based payments charge also increased by 39.2% to £13.5m (2009 £9.7m).
In June 2010 Brightside raised £8.5m net of expenses through a share placing. The funds were used to acquire the eCar and eBike policy books. Post-acquisition policy sales recorded by eCar and eBike
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