Profits soar at Hastings Direct

Hastings Direct, Conquest House, Bexhill
Hastings Direct, Conquest House, Bexhill

Hastings Direct has announced a 29 per cent jump in profits.

The insurer, which is the largest employer in Bexhill and which has its HQ in Collington Avenue, last week revealed very strong results fro 2014, including a 20 per cent growth in customer numbers to 1.71 million,

Gary Hoffman, the chief executive of Hastings Direct said: “2014 has been another strong year for the business and we’re delighted that our refreshingly straightforward service and products continue to appeal to customers both existing and new.

“The results speak for themselves with customer numbers up 20 per cent, as we continue to gain market share from our competitors.

“Key to this success has been listening to and understanding our customers’ needs and combining an attractive product at the right price, with excellent service and disciplined underwriting.

“Our unique, agile business model means we’re able to react swiftly and nimbly to changes in market conditions.”

Ninety per cent of the insurer’s business now comes from price-comparison websietes which Mr Hoffman attributed to the company’s, investment in online sales.

Mr Hoffman has also responded to speculation that the insurer is set to be floated on the stock market.

Commentators have suggested the company is lining up a £1billion post-election flotation.

But Mr Hoffman insisted the insurer has “no imminent plans”.

He told the Evening Standard: ““We are in no rush and have no definitive timetable,”

A large proportion of the company’s 1,500-strong workforce hold shares in the company (analysts estimiate around 80 per cent) and would profit from a stock market flotation.