Stonebridge profits surge 22%

Stonebridge Group, the mortgage and insurance network proposition, has announced that profits for the network operation were 22% up on the previous year, mirrored by a 20% increase in turnover. 

Stonebridge attributed the increases to a strong focus on protection advice and sales.

The network now houses 37 appointed representative firms encompassing 107 registered individuals, Stonebridge reported.

It said that its strategy of only recruiting highly productive, quality AR firms has helped drive the improvement.

Stonebridge said it expects to announce a number of new AR firms in the coming months. 

Richard Adams, managing director of Stonebridge Group, said: “Our results are particularly pleasing and seem to justify our focus on quality not quantity when it comes to recruiting AR firms. 

“Over the last few years we have seen only too clearly the problems that come when networks are run based purely on numbers rather than a focus on recruiting quality firms who are conducting significant levels of business. 

“We are not interested in bringing on firms to boost numbers but we want to be able to see a sound firm generating good levels of business. 

“Mortgage volumes and activity are nowhere near the levels of previous years. Having said that, mortgage activity appears to be improving slowly and we fully anticipate that 2011/12 will see a much more fruitful mortgage market for our firms.”