The Newcastle-upon-Tyne-headquartered insurance broker and independent financial adviser Lycetts today revealed it has more than doubled its pre-tax profits, despite the challenges of the last year.

Though 2021 was introduced and concluded with COVID-19-related issues, the group continued to thrive in its 60th year. Lycetts saw its turnover for the year ended December 2021, rise to £23.5 million, up from £22.4 million in 2020. Meanwhile, its pre-tax profit increased 154% year-on-year, increasing from £1.1 million to £2.7 million.

Commenting on the strength displayed by the firm last year, CEO Charles Foster accredited it to Lycetts’ continued investment in its people - via training, sponsorship and qualification programmes - as well as its operations and infrastructure.

“The hybrid working model we established at the start of the pandemic in 2020 was successfully embedded, enabling us to deliver the highest possible service standards to our clients,” he said. “The group exceeded its sales target for the year, buoyed by a number of significant new business wins and strategic initiatives.

“These included a comprehensive review of all affinity partnerships and the implementation of a series of successful sector-specific sales campaigns. The launch of a new website, meanwhile, saw digital traffic increase by 209%.”

Looking to the future, Foster added that Lycetts’ growth strategy will see the group further develop its structure, technology, people and processes, and continue to invest in central services and IT, while developing and investing in its people and leadership.