Stonebridge also announced it is actively recruiting at present and it expects to announce a number of new AR firms in the coming month to add towards the 37 appointed representative firms that the network already has.
Richard Adams, managing director of Stonebridge Group, said: “Our results for the Stonebridge network operation 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 AR numbers rather than a focus on recruiting quality firms who are conducting significant levels of business. Our strategy continues to hold true and the results in terms of both turnover and profit increases are clear to see.
“There is no doubt that the strength in our results came from an increasingly focused approach to the protection market which was absolutely vital given that mortgage volumes and activity are nowhere near the levels of a few years’ previous.
“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. We aim to maintain this approach which has delivered such sound results and fully anticipate announcing a series of new developments, including the recruitment of more AR firms, throughout the rest of the year.
“Our aim is to maintain this momentum which should ensure we will have another strong set of results not just over the next 12 months but also in the years ahead.”
