Record pre-tax profits for Peterborough insurance giant

Matthew Donaldson, chief executive of the BGL Group.

Matthew Donaldson, chief executive of the BGL Group.

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Insurance giant the BGL Group of Peterborough has today announced record pre-tax profits of £94 million.

The financial services group, based in Bakewell Road, Orton Southgate, has reported a six per cent rise in pre-tax profits to the end of June last year.

The previous year, the company, which is behind the popular Meerkats TV adverts and employs 1,300 people in Peterborough, enjoyed a pre-tax profit of £88 million.

Matthew Donaldson, the group’s chief executive, said: “We enjoyed a powerful year during 2013/14, with record profits and revenues up 13 per cent.

“Our growth over the last year, combined with heavy investment for the future, means we’re in a strong position to meet our ambitious targets.

“Each of our businesses has delivered strong and steady growth over the last year, customer numbers and satisfaction have increased across the board and our expansion into new markets continues.

He said: “Fundamentally our role is to save customers money, which is clearly very appealing.

“We’re also highly focused on making it as easy as possible to business with us, across all our brands.”

“Growth has been driven by continued growth in the price comparison market and in comparethemarket’s share of that. Our results were also boosted by the acquisition of law firm Minster Law at the end of the previous financial year. In addition, our partnerships business, Junction, has extended a number of existing partnership agreements which has helped boost customer numbers.”

He added: “The meerkat campaign continues to be very successful, and there will be new meerkat-centric developments in the spring.”

Other financial highlights of the year include:

Total revenue of £507 million.

The number of customers reached 7.5 million - up from 6.6 million the previous year.

More than £1 million fund raised against goal to donate £3 million to charitable causes by 2017.

Peter Winslow, the group’s executive chairman, said: “BGL’s continued growth is driven by our unique approach to business.

“We are a high performance organisation, expecting a lot from our people while ensuring they feel valued and rewarded.

“Employee engagement is now at 79 per cent* and we are seeking to build on this still further.

“This, combined with a robust strategy and relentless focus on the customer, makes BGL a dynamic force in our market.”

BGL was founded in 1992 and its UK-based businesses include comparethemarket.com, Junction and recently launched life insurance business, Beagle Street. BGL Group also owns French price comparison website, LesFurets.com, and Netherlands price comparison business Hoyhoy.nl

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Peterborough insurance giant BGL Group climbs Sunday Times table of sales success