Profits down for Swinton
Broker describes 2013 performance as healthy despite reduced operating profit.
Swinton reported a drop in operating profit for the year ending 31 December 2013, from £36.9m in 2012 to £32.9m.
Post-tax profit also decreased from £18.9m to £14.1m. Despite this, turnover actually grew to £304.6m (2012: £301.4m). The number of live core policies also remained stable at 2.2m.
Closures
Swinton said the operating losses were partly down to additional costs in the year associated with the "rationalisation of the branch network". During the year it closed 51 branches and now has 395
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