Partners& has reported its results for the financial year 2023/24, delivering a positive message for the business which set out to challenge the status quo in the insurance sector. The insurance intermediary has increased turnover by 28%, grew EBITDA by 126% and welcomed 30 new colleagues to the team.
Highlights for the year ended 31 March 2024:
- Turnover for the year £43.2m (2023: £33.8m)
- Adjusted EBITDA Profit before restructuring costs £8.6m (2023: Profit £3.8m)
- Group headcount expanded from 430 to 460 colleagues
- Investment in seven exceptional acquisitions in FY24 directly in line with its strategy to extend its geographical footprint and enhance its client proposition
- After an amortisation charge of £7m principally relating to the Group’s Goodwill, (2023: £5.7m) the Group recorded a small pre-tax loss of £56k for the financial year, a significant improvement from the £5.4m loss in 2023 as the business continues to mature and deliver its plan
- Operating profit before exceptional items and amortisation was £8.2m (2023 Operating profit: £3.4m) which is broadly in line with the directors’ expectations and reflects the investment the Group is making in future growth
- Group net asset position £75.3m (2023: £64.2m)
- Significant employee share ownership, with approximately 30% (150) employees owning shares in Partners&
- Continued development of the Partners& Academy, a significant investment to attract, retain and nurture its talented team
- Winning several 2023 industry awards, including UK Broker of the Year Award (British Insurance Awards and UK Broker Awards), Schemes Broker of the Year (Insurance Times Awards) and Best Training Initiative (UK Broker Awards)
- 2023 employee engagement survey had 96% response rate, 94% agreed with the statement “I feel engaged in the work that I do”, 98% agreed with the statement “I understand the role that I play in ensuring we become a leading risk advisory business in the UK”.
- Investor in Customer survey score: 8.97/10; Net Promoter Score +64.
Phil Barton, Partners& Group CEO said: “Our 2023/24 results prove our founding principle that you can build a financially successful business by maintaining a laser focus on clients and people, a broker’s key stakeholders. We have proven the case, evidenced by the businesses that want to join us, the talent who want to be part of our story and the regular feedback we receive from clients. Being a values-based business inspires positivity, a can-do attitude and a collective will to deliver the right advice and the best outcomes for our clients. Whilst there is always more work to do, these results validate our strategy and encourage us to stick steadfastly to our distinctive purpose.
“It’s a great message for our clients, for our people and for those who are part of the Partners& eco-system – there is a better way, and we are committed to challenging the industry to improve the way it delivers for clients and the people who serve clients.”
Launched in 2020, 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.
Organic Growth
Partners& organic growth highlights include:
- The Partners& Client Partner model, a strategy to attract specialist talent to build a range of practices in attractive industry verticals, representing approximately 21% of Group income
- The Partners& Difference model, which articulates a six-stage advice process aimed at building client resilience by challenging clients’ to understand their risk environment, demonstrating support pre and post claim and, as a result, enabling clients to execute their business plans and achieve their objectives
- Growth in specialist schemes sectors, such as videography / photography, and via trade associations
- Investment in specialist sectors including professional indemnity, construction, and real estate
- Growth in strategic locations including Scotland and the Midlands
- Growth in a structured new business capability which is consistently delivering strong results, with new business representing 27% of revenue in the year to March 2024
- The Partners& client experience programme and client journey initiative, which continue to build client advocacy, client relationships, and client retention at marketing leading levels