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Be Wiser posts loss for 2018

Be Wiser posts loss for 2018

Boss Mark Bower-Dyke says outcomes have been impacted by poor market circumstances and slams unrated insurers charging low costs.

Personal motor dealer Be Wiser has posted a loss earlier than tax of £2.2m for the yr ended 31 Might 2018.

That is in comparison with a pre-tax revenue of £1.1m in 2017.

The dealer additionally reported a dip in turnover to £26.1m, down from the £32.7m it achieved within the earlier yr.

Be Wiser chairman and chief government Mark Bower-Dyke informed Insurance coverage Age that the loss was pushed by “unbelievably poor market circumstances” within the personal motor sector.

He said: “The market has been ripped aside by the Gibraltarian corporations and unrated corporations which leads to clients who must be paying £500 now paying £199.

“Nobody can compete with that.”

Bower-Dyke additional famous that it had been a “onerous yr” and that the dealer had gone via quite a lot of reorganisations to get again on monitor.

“We’ve clearly put cost-cutting into place which is sweet. It’s come by means of to this yr and after the primary six months we’re again into profitability,” he continued.

In response to the outcomes doc, Be Wiser has invested in regulatory compliance over the yr, in addition to in advancing its know-how and strengthening its tech platform.

The entire variety of employees decreased in 2018 to 606 from 652 within the earlier yr.

Insisting that the outcomes have been a “minor blip”, Bower-Dyke concluded: “I’m optimistic that we’re in the suitable place to take benefit because the market recovers.

“It’s going to be an thrilling yr.”

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