Your IndustryMar 2 2017

LifeSearch turns profit after year of restructuring

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LifeSearch turns profit after year of restructuring

Protection business LifeSearch Limited reported strong profit and earnings in its annual results despite the company’s restructure last year.

The firm reported gross profits were up by nearly a quarter to £6.8m and earnings before tax that increased by half to £1.6m, while turnover received a 12 per cent boost to £25.2m.

The business underwent an overhaul last year after financial services firm Baigrie Davies was sold to Standard Life, resulting in the restructuring that created LifeSearch Holdings as the parent company of LifeSearch Limited and LifeSearch Partners Limited.

Baigrie Davies founder Arthur Davies left with the business to Standard Life at the time of the sale while co-founder Tom Baigrie remained with the LifeSearch brand.

LifeSearch chief executive Mr Baigrie called 2016 a “record year” for the business and that he expects to increase the firm’s client base during 2017 through its partnerships with consumers brands Which?, Moneysupermarket, Compare the Market, Go Compare and the Lloyds Banking Group.

“This year, in contrast to last, we currently see strong growth across the market and the rise of many well managed competitors. LifeSearch has been the leading business in its sector for a decade or more, to stay that way we will need to keep achieving the excellent customer outcomes that see us rated 9.5 out of 10 on Trustpilot, while keeping up our current rapid rate of growth,” Mr Baigrie said.