Scotland business

Sales increase by 16% at Scottish Friendly

Bank notes
Image caption Scottish Friendly said sales were boosted by investment in its web-based distribution channel

Financial services group Scottish Friendly has reported a leap in sales, following "considerable" investment in its internet presence.

The mutual society said sales grew last year by 16%, from £12.9m to £15m.

It was the Glasgow-based group's third consecutive year of double-digit growth.

In June last year, Scottish Friendly launched a new website aimed at boosting customer access to its product range.

The group's regular premium business increased by 7% to £6.6m in 2011, while single premium sales rose by 25% to £8.5m.

Scottish Friendly chief executive Fiona McBain said: "We have continued to reap the benefits of our partnership programme with leading industry names such as the Phoenix group, Royal London and Admiral.

"In addition, much of the sales success in 2011 has been down to our considerable investment in our web-based distribution channel."

Ms McBain said the group expected the market for savings and investments to be difficult in 2012.

She added: "However as we approach our 150th anniversary we believe that, as we have consistently proven with our three-part 'diversify and grow strategy', we can use our flexibility to our advantage in such times."

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