Stonebridge Group announces profits up 22% year-on-year

Stonebridge Group has announced its profits for 2010-11 were up 22% on the previous year, while network turnover increased by 20%.

The firm puts these increases down to a strong focus on protection advice and sales during 2010-11.

Stonebridge says it is actively recruiting at present and expects to announce the appointment of a number of new AR firms in the coming months.

Richard Adams, managing director at Stonebridge Group, says: “Our results for the Stonebridge network operation are particularly pleasing and seem to justify our focus on quality not quantity when it comes to recruiting AR firms.

“There is no doubt that the strength in our results came from an increasingly focused approach to the protection market which was absolutely vital given that mortgage volumes and activity are nowhere near the levels of a few years’ previous.”

He adds that Stonebridge’s aim is to maintain its momentum and the firm anticipates announcing a series of new developments throughout the rest of the year, including the recruitment of quality AR firms.