Bristol-based national firm Lyons Davidson has kept its pledge to return to profitability, according to annual results released today. In the year to 30 November 2024, Lyons Davidson Limited recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of £0.7 million on revenue up 6% to £28.0m.
This compares with pre-tax losses of £1.2 million in calendar 2023. It blamed the slump in profits on the nosedive in personal injury claims during the pandemic.
The company attributed the turnaround to an increase in referrals and improved settlement rates coupled with a £0.4m reduction in operational and support costs.
Mark Savill, chief executive, said today's results were the next step in the development of the business through its strategic change plan: 'We are proud of our FY24 results and the return to profit. They reflect a focused operational review of the whole business – its structure, systems and efficiencies – delivered through a clear plan over the last three years years. These results have developed into FY25 where we are ahead of budget and on track to deliver further EBITDA improvements despite increased costs including the government’s National Insurance changes.'
'We have emerged a stronger and more diverse business with a broader range of services across the insurance sector and further growth in our home and commercial LEI teams that is now our largest division.'
Savill also reported progress with the reduction of the company's premises footprint. 'We are starting to see progress in reducing our leases, the cost of which goes directly to the bottom line.'
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