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SimplyBiz sees profits increase to £3m

Davy.jpg

Support services firm SimplyBiz has reported pre-tax profits of £3m for 2012, up 17 per cent from £2.5m in 2011.

The firm’s accounts show turnover also increased 17 per cent from £14m in 2011 to £16m in 2012.

The firm made a £1m provision relating to claims against Quantum Reinsurance, an Ireland-based reinsurance company run by the group between 2003 and 2010. The provision relates to run-off cover for professional indemnity policies.

SimplyBiz set up Quantum Reinsurance in 2003 and the firm reinsured around 25 per cent of PI policies for up to 1,000 advisers at any one time. The firm closed to new business in 2010.

The accounts show that SimplyBiz provided total funding of £2m to chairman Ken Davy’s restricted national proposition Sandringham Financial Partner throughout the year.

The funding was provided in the form of £400,000 expenses and a £1.6m loan.

Total directors pay increased marginally to £1.49m, from £1.45m the previous year.

A total dividend of £1.3m is set to be paid out to shareholders at 16p per share.

A statement in the firm’s accounts says: “SimplyBiz remains committed to helping firms it serves operate post-RDR in both the restricted or independent space and will offer services to both markets.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. More power to their elbow. They deserve it.

    If only the FCA was as innovative and helpful. In fact, why doesn’t the FCA go on an office away-day to see how to run an organisation properly?

  2. better still put the SB team in FCA.

  3. Ken Davy deludes himself that he has helped provide life insurance to the nation’s “unprotected”. What he knows deep down is that he is the one man who is most responsible for the “ripping off” of 100,000s on their pensions, mortgages and investments. No matter what he says, this fact will always haunt him. He ran from DBS when he knew it was doomed. The same will happen with SimplyBiz, and he will be left as a man known for getting rich at the expense of countless others who lost out.

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