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SimplyBiz posts £2.5m profit

SimplyBiz posts £2.5m profit

Support services provider SimplyBiz has posted a £2.5 million pre-tax profit  for 2011, up slightly from the £2.1 million it made in 2010.

The group reported a 22% increase in profit from the previous year despite acquiring subsidiaries and investing in IT infrastructure and services.

It’s result for 2011 showed that it made a provision of £713,000 for run off professional indemnity cover was listed for its Ireland-based subsidiary, Quantum Reinsurance, which was run from 2003 until 2010, when it closed to new business.

The firm became debt free at the end of last year.

Chairman Ken Davy (pictured) said he was confident about the group's future prospects.

'Looking to the future there is no doubt that the full impact of the retail distribution review on financial services in general and the IFA sector in particular remains unclear,' he said. 'I believe however that the SimplyBiz Group has consistently demonstrated an ability to adapt, grow and prosper in a rapidly changing financial services marketplace.'

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