Newcastle personal injury lawyers Winn Solicitors are toasting a record year in revenues after seeing sales jump by £10m.
Winn Holding Limited – the parent firm for the Bykr business – saw revenue jumped by 21% for the year ending March 31 2019, from £52.9m to £64.1m.
Despite the huge boost to the group’s top line, however, its operating profit fell from £11.4m to £11.2m. Profit after tax also fell, by 15% from £6.2m to £5.4m.
Winn Holding Limited is the parent company of injury claims firm Winns Solicitors, medical reporting business On Medical and vehicle replacement company On-Hire.
The group was first formed back in 2003 by Jeff Winn and, togetherm the three companies, who employ more than 360 people, provide a full service for those seeking legal action following an accident.
All three divisions managed to increase their turnover during the year, with On-Hire provided the bulk of the group’s turnover last year, bringing in £35.5m.
Meanwhile, Winn Solicitors brought in £17.8m and On Medical generated £10.8m.
A spokeswoman for Winn Solicitor said: “As a group we have continued to grow and had a record year in terms of gross revenue achieving in excess of £64m for our financial year 2019.
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“Our On-medical operation continues to grow in terms of medical legal reporting and national physiotherapy sessions. In addition they have launched a bariatric clinic which has gained national coverage on both the BBC and Sky news.
“In terms of challenges, we continue to be very active in the Insurance market and are also expanding into other areas of legal work.”
The group said it is now working to improve its use of telematics to create leads in the persional injury market and has won two major accounts over the last six months.
The company operates a command centre that identifies potential accidents that have been triggered by telemtics boxes placed in cars. This then allows the firm’s staff to contact the driver to find out if they need assistance.
Winn Solicitors and On Medical both increased their operating profit, from £766,000 to £1.2m and £1.4m to £1.8m respectively. However, On-Hire’s profits fell from £10.5m to £9.2m.
The vehicle hire company’s profit margin took a hit as the company took on a major project to close older cases, which led to the business closing more than 1,000 files during the year.
The business has also entered into agreements with third party insurers that have allowed it to settle cases faster. The new system has improved cash flow but ultimately reduces On-Hire’s profit margins.
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Winn Solicitors has also been carrying out a separate review of its case management processes ahead of major changes due to change how whiplash claims are handled under the Civil Liability Act 2018. The act is set to be enforced next year and will lead to claimants needed to show medical evidence of their issues.
The law firm began its review in the second half of the financial year and expects it to take 18 months to complete.
Commenting on the changes, the firm said: “We really need to wait to see the detail within the Civil Liability Bill which has not yet been fully published, however we anticipate a major reduction in lawyers dealing with this work across the 海角视频.
“Clients who suffer more serious injuries and also vulnerable road users will likely still be excluded from the Bill and will therefore still be entitled to seek redress via a legal representative.
“We will continue to offer our services in this area and we are already increasing our market share of the replacement vehicle market and arranging more repairs to clients vehicles following a non-fault accident. In addition we continue to invest in other areas of Legal work and have a growing commercial legal department.”
Chris Birkett, Winn Group chief operating officer, added: “With the group now employing over 360 staff, we continue to invest in technology and people to keep us ahead of the game. Our staff have been fantastic in a very competitive market and challenging environment and even with regulatory changes on the horizon, we will continue to improve our service offering to our clients.”