Turnover decrease for Swinton
Fall in turnover and operating profit for the broker as it says competitive market and cost savings behind the figures.
Swinton Insurance posted a fall in turnover to £285m (2013: £304.7m) and a drop in operating profits to £24.2m (2013: £25.5m) in its results for 2014.
According to the firm the results reflect significant capital investment in IT systems and ongoing strategic review.
The broker said 6% reduction in turnover was down to an extremely competitive market with considerable downward pressure on average premiums. And it blamed the 5% drop in operating profit on cost saving within the business.
Post-tax
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