Momentum has announced positive financial results in 2020 despite the challenges presented by the pandemic. Momentum’s financial results were filed at Companies House on 15 April 2021.
- £39m in Gross Written Premium placed on behalf of 103 Appointed Representative partners – an 11% increase in GWP.
- 6% growth in revenue for Momentum with a 4% increase in profit.
- Average revenue growth of 16% for Momentum partners.
- 16 new joiners to the network – 11 start-ups and 5 switching from other networks.
Commenting on the results, Momentum Managing Director, Howard Pepper said: “2020 was a challenging year for most but several important factors enabled us, and therefore our Appointed Representative partners to achieve growth.
“We were able to react quickly and effectively to the operational changes necessitated by the pandemic which enabled us to continue trading with little or no impact on service. Our previous investment in technology enabled us to respond to the demands of a changed working environment whilst the resilience of our sector meant we were able to continue to grow.
“We were particularly pleased with the support we were able to provide to our partners during these times, who in turn were able to provide excellent support and service to their clients. The dedication of our partners to supporting their clients during the continuing challenges has been admirable.
“We are also very proud of the way in which our colleagues responded and adapted seamlessly to a new way of working. Their dedication to supporting our partners and their clients has been remarkable.
“We invested in additional office space at the beginning of the year which will enable us to provide a safe and flexible working environment for the future.”