Partners& has reported its first full set of audited results since it launched in April 2020. At that time, it set out a clear purpose: to challenge the status quo in the insurance broking sector and return to its best traditions based on valued client relationships and strong risk advice, supported by effective use of technology.
Since then, Partners& has remained firmly focused on providing clients with high quality, seamless insurance, risk management and employee benefits advice, supported by a culture of partnership between its people, clients, and ecosystem partners. This approach to advice has been augmented by equipping employees and fitting out offices with the tools, equipment, and software to operate effectively in a post pandemic environment.
Points of note (1 April 2021 to 31 March 2022)
- Turnover for the year ending 31 March 2022 – £22.2m (Group)* / £15.6m (Partners& Ltd)
- Operating loss (after £5.7m restructuring costs) – £14.0m (Group) / £10.9m (Partners& Ltd)
- Operating loss (before £5.7m restructuring costs) – £8.3m (Group) / £5.1m (Partners& Ltd)
- Group GWP £110m
- Grew Group headcount from 250 to 400 employees
- Invested in six exceptional acquisitions in FY22 directly in line with its strategy to extend its geographical footprint and enhance its client proposition
- Established employee share ownership, with 30% (120) employees owning shares in Partners&
- Launched the Partners& Academy, a significant investment to provide learning and development for its talented team
- Won several industry awards, including 2021 UK Broker Awards Best Start Up and Best Diversity and Inclusion Programme
Phil Barton, Partners& CEO said: “These results are in line with expectation as we transition from a start up to an established and profitable growth business. We set out to build a business with the technological infrastructure and quality of people to deliver our ambitious plan – and we’ve made great progress on that journey.
“We purposefully chose to build our business without leverage due to the uncertainty caused by COVID 19 and have continued to invest aggressively for growth, seizing opportunities when they became available, recruiting top talent, and implementing the technology to operate flexibly and efficiently.
“We have built a major new brand in the sector and are now in an ideal position to deliver exceptional future profitable growth.”
“Partners& has five acquisition opportunities currently in exclusivity, which it expects to conclude in H1, 2023.
*Group includes business performance from acquisitions not yet hived up into Partners& Ltd.