Newcastle law firm Winn Group has described another year of "solid growth" with sizeable profit growth on the back of road traffic collision work.
The Byker-based accident management specialist, which operates brands including Winn Solicitors, Winn National Accident Specialists, Winns Wills, On Hire and On Insurance, saw operating profits boosted 53% to £35.2m in year to the end of March. Changes to the way turnover is reported by the group mean new accounts filed at Companies House show a fall from £235m in 2023 to £190m during the period, though on a like-for-like basis revenue actually increased by 27%.
The growth came as Winn significantly boosted its manpower, adding 140 people to its workforce which now stands at 671. Bosses said it had been challenging time for the personal injury claims market, following the introduction of the Civil Liability Bill in 2021, bringing restructuring and consolidation across the sector. Winn said its relationships with insurers and brokers has helped, with CEO Chris Birkett pointing out the group now has about 60% of the motor claims market covered.
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Winn's 'first notification of loss' team was now said to be handling around 10,000 calls each month from drivers and their passengers involved in collisions. The accounts show the group processed around 10,700 road traffic accident personal jury cases, up from about 9,420 in 2023 and about 19,800 cases with no personal injury element, up form about 17,800 the previous year.
The group's replacement vehicle and repair business - On Hire Limited - saw revenue increase by 29% to £168.2m on a like-for-like basis, though reporting of non-protocol hire at recoverable value saw for 2023 meant the accounts showed an 18% fall from £206.2m. Winn said the growth was down to increased levels of hire, repair, recovery and storage instructions, improved protocol hire recovery, and growth in ancillary revenue, including salvage.
But Winn's medico-legal services subsidiary, On Medical, which had been impacted by the Civil Liability Bill, saw revenue plummet from £11.58m to £4m. The business stopped taking new instructions in April with Winn's board having decided to outsource its services and offer On Medical's 20 staff positions elsewhere in the group.
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Meanwhile Winn Solicitors - the group's claims management business - was impacted by whiplash reforms but ended the year with a 6% increase in legal fees thanks to a significant bump in non-personal injury legal fees, up 71%.
Jeff Winn, executive chairman, said: "This has been another year of exceptional performance for Winn Group despite the challenging market and macro-economic conditions. The team has demonstrated resilience and adaptability and delivered significant growth, driving the business to an estimated valuation of £350m. Our commitment to delivering a strong and positive customer experience continues to set us apart as a leader in the insurance services provider sector."
Winn CEO Chris Birkett said: “The group is in a strong financial position and well placed to take advantage of business opportunities if the strategic fit is right. We are also looking at extend our services for insurer clients to include the management of fault incidents which we feel could come under Consumer Duty requirements."
He added: "We are also actively participating in several significant tenders for sizeable accounts and we believe with our robust capabilities and proven track record we are positioned favourably to secure these opportunities. Together with the support of the senior team and our colleagues I am looking forward to the next 12 months and eagerly anticipating another year of success for the business.”