Insurance law firm Minster Law has reported a profit of £1.9 million for 2018 on turnover of £35.1 million.
The firm also reported a near 5.0% improvement in gross profit margin to 36.1%, which underlines the “benefits of a programme of transformation to improve operational efficiency.”
Read more: Minster Law announces merger plans
Shirley Woolham, chief executive officer of Minster Law, said that the result was a “tremendous achievement in tough trading conditions, and creates a platform for a further step-change in performance as we prepare for the 2020s.”
“Improving operational efficiency and scalability was a key achievement last year and is a direct result of our investment in IT, automation and digital claims,” said Woolham. “This has been a top priority as we prepare for the post-reform world in personal injury, where margins will be thinner, and most volume claims will be processed online.”
Woolham said that the results enabled the firm to continue to press ahead with plans to “create a broader legal services business to meet the needs of insurers and brokers in the 2020s,” – which she said might include acquisitions where they make long-term strategic sense.
“We are keen to talk to other market players who share our values and sense of ambition,” said Woolham.
We’ll bring you an Insurance Business interview with Woolham next week.