A Newcastle law firm says it is maintaining high levels of growth despite growing challenges in its sector.
Winn Group issued “exceptional” results earlier this year in which its revenue more than doubled to £235m and profit increased to £23m. Now it has released half-year results which show a further 35% growth in turnover while Ebitda increased by 62% to stand at nearly £17m.
The Byker-based business, which specialises in accident and other claims management, operates brands which include Winn Solicitors, Winn National Accident Specialists, Winn Legal, On Medical, On Hire and On Insurance. The company has more than 500 staff, and set out plans earlier this year to create more than 150 new jobs.
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Group chief executive Chris Birkett said the company’s continuing growth had come despite headwinds in the claims sector.
He said: “Government intervention in the claims market has created problems for many players, not least because fees have not risen anything like the level of inflation and neither have disbursements, which, coupled with the whiplash reforms, have led to a large number of practitioners exiting the market. There is a concern that Government action has resulted in claims becoming uneconomic for firms to take on, especially minor claims, which threatens access to justice for citizens seeking redress after an accident.”
The company has said its priority was consolidating and building upon its existing business partnerships, though it was also open to acquisition opportunities. It said it had invested in contact centre and other technology to speed up claim handling times and was also exploring the use of AI to bring more efficiencies to its accident management divisions.
Mr Birkett added: “Standing still in this industry simply isn’t an option if you want to go on being successful. I am excited about the potential technology has for making this business even stronger and more efficient. We continue to act as the employer of choice in this area of Newcastle and our employees make a significant contribution to the local economy, and my feeling is that Winn Group is a success story that goes under the radar.”