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Press Release

BGL Group Announce Record Growth Results

FOR THE YEAR ENDED JUNE 2006

Issue Date: 30 November 2007

  • GWP up 25% to £376M
  • Policies under management up 34% to 1.4M
  • Pre-Tax profits up 85% to £22.2M

The BGL Group, one of the UK’s leading insurance intermediaries today announces record pre-tax profits of £22.2 million, for the year ended June 2006, an increase of 85%.

Peter Winslow, Chief Executive, BGL Group, confirmed: "The Group has generated 50% organic compound growth for the last five years and this year has exceeded expectation. Each of Budget's seven trading divisions (Note 1) has contributed to this success, advancing both in terms of scale and profit, none more so than Junction, our affinity business. The speed to market, flexibility and portability of Junction's models have seen their number of policies under management double in the last year and Junction is on track to deliver £500 million GWP within the next three years."

The BGL Group has capitalised on the explosion of internet-driven business, delivering new customers via this channel for own-brand and on behalf of its partners. The Group is well placed to meet the challenges and opportunities of this channel and seized growth opportunities in early 2006 by launching comparethemarket.com, an on-line comparison site, offering consumers access to over 300 insurance schemes.

Peter Winslow states: "We have had an exceptionally strong start to the new financial year. Looking ahead, we are set to capitalise on a vast range of opportunities on the strategic agenda, which shows this positive trend accelerating. We expect to have two million car, home, motorcycle and commercial vehicle policies under management and a further 40% increase in GWP by the end of the financial year, with a lot more to come!"

Note 1:

  • Budget & Dial – core products = motor, home, commercial vehicle
  • Bennetts – core product = motorcycle
  • comparethemarket.com – online comparison site
  • Junction – B2B affinity outsourcing solutions
  • Fusion – contact centre services
  • ACM ULR – claims and uninsured loss delivery
  • Budget Retail (sold Aug 2006) – high street broking division