Newcastle-based law firm, Winn Group, has reported a year of ‘solid growth’ with significant profit increases despite a challenging personal injury sector landscape.
The Byker-based accident management specialist demonstrated considerable profit growth, bolstered by its road traffic collision work. For the year ending in March, Winn Group’s operating profits surged by 53% to £35.2 million. Despite a change in turnover reporting which displayed a fall from £235 million in 2023 to £190 million, the group experienced a 27% revenue increase on a like-for-like basis.
Winn Group has expanded its workforce significantly, adding 140 employees to its team which now totals 671. This expansion comes amidst a challenging period for the personal injury claims market, driven by the Civil Liability Bill introduced in 2021. This legislation has necessitated restructuring and consolidation across the sector. Chief Executive Officer Chris Birkett highlighted that the firm’s robust relationships with insurers and brokers have been crucial, noting that approximately 60% of motor claims in the market are managed by the group.
The group’s ‘first notification of loss’ team now handles around 10,000 calls monthly from drivers and passengers involved in collisions. Their recent accounts indicate the group processed approximately 10,700 road traffic accident personal injury cases, up from about 9,420 in 2023, alongside 19,800 cases without personal injury, an increase from approximately 17,800 in the previous year. Additionally, the group’s vehicle replacement and repair business saw revenue increase by 29% to £168.2 million on a like-for-like basis, although non-protocol hire reporting reflected an 18% fall from £206.2 million in 2023.
However, the group’s medico-legal services subsidiary, On Medical, was adversely affected by the Civil Liability Bill, with revenues plummeting from £11.58 million to £4 million. Consequently, the business ceased taking new instructions in April, and its services are being outsourced. The 20 staff members from On Medical have been offered positions elsewhere within the group.
Winn Solicitors, the group’s claims management business, also faced challenges due to whiplash reforms but achieved a 6% increase in legal fees by significantly boosting non-personal injury legal fees by 71%.
Executive Chairman Jeff Winn remarked on the business’s resilience and adaptability, stating, ‘This has been another year of exceptional performance for Winn Group despite the challenging market and macro-economic conditions. The team has demonstrated resilience and adaptability and delivered significant growth, driving the business to an estimated valuation of £350 million.’
Chris Birkett also commented on the group’s strategic positioning and future outlook: ‘The group is in a strong financial position and well placed to take advantage of business opportunities if the strategic fit is right. We are also looking at extending our services for insurer clients to include the management of fault incidents, which we feel could come under Consumer Duty requirements.’ He added, ‘We are also actively participating in several significant tenders for sizeable accounts, and we believe with our robust capabilities and proven track record we are positioned favourably to secure these opportunities. Together with the support of the senior team and our colleagues, I am looking forward to the next 12 months and eagerly anticipating another year of success for the business.’
The Tyneside firm, Winn Group, has showcased remarkable resilience and adaptability, achieving significant profit growth despite sector challenges. With a strong financial position and strategic initiatives, the firm is well-positioned to capitalise on future opportunities.