Winn Group is pleased to confirm its financial results for the financial year 2024.

Thanks to a strong performance across many departments, revenue and gross profit both saw impressive rises in comparison to the previous financial year.

Employee headcount has also increased significantly as we adjust to handling increased work volumes thanks to significant account wins, with aspirations to add to that amount as we add a fourth office space to our portfolio:

• Revenue: *£190.1m (2023: £149.6m) + 27%
• Gross Profit: £54.2m (2023: £38.3m) + 41%
• EBITDA before exceptional costs: £37.4m (2023: £24.7m) + 51%
• Employee count currently stands at 671 (2023: 531)

Jeff Winn, Winn Group 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 £350 million.

Our commitment to delivering a strong and positive customer experience continues to set us apart as a leader in the insurance services provider sector."

During the year, the FNOL team grew in size and managed around 10,000 calls a month. The business also arranged more than 20,000 hire cars for claimants.

Traffic volumes and incidents were almost at “normal” year levels but road traffic accident volumes and hire instructions to the business increased by 12% and 26% respectively compared to the previous year which reflects the growth in Winns’ client base.

Chris Birkett, Winn Group Chief Executive Officer, said: “The stability of our management team has been instrumental in maintaining our commitment to strategic growth and profitability.

“Equally, we all take immense pride in cultivating a work environment that offers excellent career opportunities for every member of the Winn team.

“Our goal is to empower each individual to maximise their talents and contribute to our ongoing success."

On Hire revenue has jumped by 29% because of increased levels of hire, repair, recovery and storage instructions, improved protocol hire recovery, and growth in ancillary revenue, including salvage.

Winn Solicitors ended the financial year with a 6% overall increase in legal fees thanks to the significant increase in non-PI legal fees (71%).

Innovation

In conjunction with Palladium, the business undertook an extensive AI readiness review, identifying exciting AI projects to leverage the way in which AI can transform the accident management/insurer space. 

A Head of Innovation has been appointed and a separate Change Team constructed to ensure the success of transformative AI projects. 

These investments and ongoing projects allow for ease of scalability as the organisation continues to grow.

ESG Achievements (Environmental, Social and Governance)

The Group currently holds Carbon Neutrality and Carbon Offset certification awarded following a comprehensive appraisal carried out by Carbon Footprint Limited (an ISO certified company). This demonstrates the organisation’s commitment to addressing climate change.

Over the last five years, the business has been taking steps towards reducing its energy consumption and carbon footprint in a variety of ways. Over the last 12 months energy consumption has been reduced by up to 50% in large open areas through LED lighting and advanced 'Presence and Absence' detection sensors, which automatically turn off lights in unoccupied offices.

A daylight harvesting system and upgraded A/C controls further enhance energy efficiency, with new equipment saving up to 30% in energy.

Additionally, installing photovoltaic solar panels will cut grid energy use, boosting self-generated electricity for lighting and small power needs.

The business remains firmly committed to the importance of supporting the local community in which it has its roots.  More than £100,000 was raised for charities, community groups, and local sports clubs in 2023.

The group’s chosen charity of the year, the Bradley Lowery Foundation, received more than £16k through the fundraising initiatives of employees.

Winns’ unique ownership structure with the Souter Charitable Trust has lasted for over a decade and ensures the company's success directly supports a variety of charitable causes.

This long-standing arrangement highlights Winns’ commitment to philanthropy and community impact.

Chris Birkett said: “There is so much to be proud of about this business. In addition to raising much-needed funds for charitable organisations, which is an integral part of our philosophy as a business, we should also remember that, as an organisation, we help people every day.

“Last year we helped more than 30,000 people receive compensation following a road traffic collision.

“Our dedicated telematics black box team received 8,040 alerts, up 300% over the previous year. This averages 670 alerts per month and the team promptly contacted the emergency services 387 times last year.  

“We also arranged more than 7,000 physiotherapist appointments for people who needed further treatment.

“Our commitment to making a tangible difference in people's lives through charitable contributions and direct assistance defines who we are as a business.”

The Future

When discussing the future of the organisation, Chris is optimistic that the current momentum can be maintained.

He 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 extending our services for insurer clients to include the management of fault incidents which we feel could come under Consumer Duty requirements.

“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.”

*The Board reassessed the fair value of the revenue where the receipt is to be at non-protocol terms and decided to report it either at recoverable amount, when it is known, or at its estimated recoverable value, when unknown.  This decision reduces the turnover figure for 2024 to £190.1m. For comparison, the adjusted turnover for 2023 is shown as £149.6m. Without this accounting revision, the reported revenue for 2024 would have been £291m, compared to £235m reported in 2023.