Leading insurance broker Lycetts has posted a year of record-breaking financial results, driven by strong sales growth and key business acquisitions.

The business has announced a 15.8 per cent increase in turnover to £25.1 million. Operating profits surged by 20.7% reaching £3.77m.

“These impressive achievements stem from capitalising on new business opportunities, high client retention rates, strategic acquisitions and a dedication to creating a positive and fulfilling workplace for our staff,” said Charles Foster, CEO of Lycetts.

The year was marked by significant expansion, including the acquisition of the BBA Insurance Services Ltd’s book of business, and the seamless integration of Robertson-McIsaac and GD Anderson & Co, helping to broaden Lycetts’ market reach.

The company also celebrated the relocation of its headquarters to Bank House in Newcastle’s Pilgrim Quarter, reinforcing its commitment to future growth and modern working practices.

“The move to Bank House is not just a change of scenery, it’s a step into the future of Lycetts, allowing us room to expand and evolve in a state-of-the-art environment,” Foster said.

Looking ahead, Lycetts aims to enhance its online presence while continuing to focus on its core markets, including high-net-worth households, farms and rural estates.

“With a clear strategy and a robust platform set by our accomplishments in 2023, I am confident in our ability to deliver exceptional value and service, enhancing our reputation as a leader in the industry,” Foster added.

“Lycetts is dedicated to maintaining a vibrant workplace and to making significant contributions to the community. This balanced approach will help ensure sustained growth and innovation, with the company well-poised for continued success.”