Brightside Group PLC
Encyclopedia
Brightside Group Plc is an insurance broking
and financial services
business and is one of the Top 20 Insurance Brokers in the UK. The company was founded in 2005, is based in Bristol
with offices in Southampton
, Torquay
and Cardiff
. The company positions itself as “one of the fastest growing insurance broking and financial services businesses in the UK”
Alternative Investment Market
with a symbol of BRT. Its initial public offering was on 27 June 2008. The company is registered in the UK and is regulated by the Financial Services Authority
(FSA). In June 2008 a reverse takeover
took place between Aust Holdings Limited and Brightside Group Plc. Brightside Group Plc acquired Group Direct and its associated companies, changing its principal business activity from financial rehabilitation solutions to insurance broking. In the same deal Brightside Group acquired Injury QED which provides solicitors with medical reports for personal injury claims. The Brightside acquisition included a strategic investment from Aviva
-owned insurer Norwich Union
and Swedish based Stena Investments. For the six months ending June 2010 revenue grew 24% from £21.4 million in 2009 to £26.6m. In December 2009, the Group raised £20m in additional capital to expand online offerings and the development of its medical reporting business, Injury QED, and in June 2010 the Group acquired the eCar and eBike brands to substantially increase distribution and represented an additional 307,000 policies.
On 28th September 2010, Brightside Group released its Preliminary Results for the first six months of 2010 (unaudited):
Brightside Group incorporates:
The Group's key insurance areas are life, van, taxi, business, home, car, motorhome, minibus, caravan, property, tradesman and corporate.
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
business and is one of the Top 20 Insurance Brokers in the UK. The company was founded in 2005, is based in Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
with offices in Southampton
Southampton
Southampton is the largest city in the county of Hampshire on the south coast of England, and is situated south-west of London and north-west of Portsmouth. Southampton is a major port and the closest city to the New Forest...
, Torquay
Torquay
Torquay is a town in the unitary authority area of Torbay and ceremonial county of Devon, England. It lies south of Exeter along the A380 on the north of Torbay, north-east of Plymouth and adjoins the neighbouring town of Paignton on the west of the bay. Torquay’s population of 63,998 during the...
and Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
. The company positions itself as “one of the fastest growing insurance broking and financial services businesses in the UK”
Company description
Brightside PLC is a publicly traded company on the London Stock ExchangeLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
with a symbol of BRT. Its initial public offering was on 27 June 2008. The company is registered in the UK and is regulated by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
(FSA). In June 2008 a reverse takeover
Reverse takeover
A reverse takeover or reverse merger is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public...
took place between Aust Holdings Limited and Brightside Group Plc. Brightside Group Plc acquired Group Direct and its associated companies, changing its principal business activity from financial rehabilitation solutions to insurance broking. In the same deal Brightside Group acquired Injury QED which provides solicitors with medical reports for personal injury claims. The Brightside acquisition included a strategic investment from Aviva
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
-owned insurer Norwich Union
Norwich Union
Norwich Union was the name given to insurance company Aviva's British arm before June 2009. It was originally established in 1797. It is the biggest life insurance provider in the United Kingdom, and has a strong position in motor insurance...
and Swedish based Stena Investments. For the six months ending June 2010 revenue grew 24% from £21.4 million in 2009 to £26.6m. In December 2009, the Group raised £20m in additional capital to expand online offerings and the development of its medical reporting business, Injury QED, and in June 2010 the Group acquired the eCar and eBike brands to substantially increase distribution and represented an additional 307,000 policies.
On 28th September 2010, Brightside Group released its Preliminary Results for the first six months of 2010 (unaudited):
- Profit from continuing operations increased by 33% to £4m in the first six months of 2010 (same period in 2009 £3m)
- Revenue increased by 24% to £26.6m in the first six months of 2010 (same period in 2009 £21.4m)
- EBITDAEBITDAEBITDA is an acronym for earnings before interest, taxes, depreciation, and amortization. It is a non-GAAP metric that is measured exactly as stated. All interest, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income...
before exceptional items and share option charges increased by 11% to £4.97m in the first six months of 2010 (same period in 2009 £4.48m) - Earnings per shareEarnings per shareEarnings per share is the amount of earnings per each outstanding share of a company's stock.In the United States, the Financial Accounting Standards Board requires companies' income statements to report EPS for each of the major categories of the income statement: continuing operations,...
on profit from continuing operations increased by 3% to 0.65p in the first six months of 2010 (same period in 2009 0.63p)
Brightside Group incorporates:
- Commercial Vehicle Direct
- One Business Insurance
- Motor & Home Direct
- One Bike
- eInsurance Services (Which include eVan, eCar, eTraveller, eHome, eBike & eHome)
- Panacea Finance
- Quota Marketing
- Debt Help
- Injury QED
The Group's key insurance areas are life, van, taxi, business, home, car, motorhome, minibus, caravan, property, tradesman and corporate.
Key Partners
- Southern Rock Insurance Company Limited: writes motor insurance business and partially underwrites eBike, eCar and eVan insurance products
- New Law: provides personal and business legal solutions
- Head Office: based in Cardiff, provides human resources and health and safety solutions throughout the UK