Carole Nash’s profit squeezed by recession
News from Insurance Age:

Carole Nash has reported a reduction in pre-tax profit for the year ended December 31st 2010, the second consecutive year the broker has done so.

The motorbike and repair specialist’s turnover dropped to £23.8m (2009: £24.2m) while profits decreased to £5.86m (2009: £6.17m).

In a statement Carole Nash said a particularly challenging trading environment had been created by the continued impact of the recession, suppression of motorcycle insurance premiums and the growth of price comparison “aggregator” sites.

Chief executive David Newman said: “This was a robust and highly creditable performance in what was a terrifically challenging year. New motorcycle registrations fell to an all time low and with motorcycling a lifestyle choice rather than a practical necessity for many of our customers, the recession squeezed us.

“In stark contrast to the motor market, bike premiums stubbornly resisted growth and there was aggres…………… continues on Insurance Age

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