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SimplyBiz posts £2.5m profit

by Rachael Revesz on Nov 09, 2012 at 11:07

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.'

4 comments so far. Why not have your say?

disgusted

Nov 09, 2012 at 11:51

Well done Simply Biz.

Now, is there any chance you could take a smidgen of that profit and address the lack of seminars/training days in Northern Ireland which our UK counterparts enjoy for the same monthly compliance fee???

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Compliance Doctor

Nov 09, 2012 at 14:10

Congratulations to Simply Biz on their profits.

I wish them well for providing a service to the smaller IFA and keeping a standard within the industry that would be hard to match for smaller concerns. I am sure that as long as IFAs want off the shelf packaged compliance that they think covers their needs, SB will continue to thrive, especially with their minimum 5% annual increase to their minimum monthly fee.

I wonder, Were all these figures set on commission turnover?

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Laura Edwards, SimplyBiz

Nov 09, 2012 at 16:14

@Disgusted

Thank you for your comments. We try to ensure that all our events have a fair geographical spread and we currently hold approximately 8 meetings a year in Northern Ireland at present. In fact, You’ll be pleased to hear that SimplyBiz have two events coming up next week in Northern Ireland; the Learning & Development event and an auto-enrolment workshop. As always, we value your feedback and our events team are currently checking to ensure we are holding the same number of meetings in Northern Ireland next year as we do throughout the rest of the UK. We have always ensured that we travel throughout the whole of the UK and the number of face to face meetings we will hold in 2013 will be even greater than 2012, where we have held over 120 individual meetings.

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Ian Lees

Nov 28, 2012 at 06:32

It is nice in these days of austerty or as it is known in reality - recession , to see a company in financial services providing services - and generating a profit. There are going to be so many opportunities after RDR with PRice Waterhouse reports showing advisers down by 2 /3 rds from 30,000 to 10,000.

Assuming they have some 250 clients each - that is 5,000,000 consumers left without advice by David Cameron and his government. With the government and insurance companies fighting for funds from the government - a cynic mght consider the onslaught of RDR - to be part of the governments strategy to terminate insurance - to get their way with insurance companies. With the meltdown in the financial markets - the recent floods - might demonstrate the usefulness of insurance contracts to offload some of the risks - to ensure buinesses and people are not financially disadvantaged. Insurance will help them to rebuild their lives and their livliehoods - but not the advisers - whose figures have reduced so drastically under years of regulation - which have shown to faile in other countries. Finally where have all the fines applied to banks gone ? or is this just a paper transaction which has no worth .

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