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Business & Economy

Record year for Newcastle-based Lycetts

Lycetts Holdings Ltd has announced record revenues and a significant increase in profits.

The insurance broker and independent financial adviser, headquartered in Newcastle, saw pre-tax profit rise to £1.29 million, a year-on-year increase of £1.51 million. Turnover for the year to December 2019 rose to £22.7 million, up from £21.6 million in 2018.

Charles Foster, Lycetts CEO (pictured) said: “This strong set of results was achieved against the backdrop of widespread business uncertainty and a weak growth rate for the wider UK economy.

“Our clients have faced a great many challenges, and continue to do so in the wake of the coronavirus pandemic. But we have continued to deliver on our core principles of professional integrity and exceptional service standards, helping to provide security and reassurance during these testing times.

“Our commitment to identifying and recruiting top industry talent, while nurturing the professional and personal development of all employees, has remained resolute.

“In addition, a new IT infrastructure paved the way for significant, group-wide productivity gains by streamlining our operations and enabling us to respond more dynamically to changing customer needs.”

Strategic restructuring to help further raise service standards has included the creation of a single insurance division to replace the group’s separate commercial and private client departments.

Lycetts Holdings also acquired Newcastle-based broker Robertson-McIsaac during 2019, as it sought to broaden its reach and enhance its client offerings.

“We will continue to pursue a balanced strategy of organic growth and targeted, value-adding acquisitions that align with our brand values and corporate culture,” Charles added.