Scotland business

Sales increase by 48% at Scottish Friendly

Image caption Scottish Friendly said it had an "exceptional year"

The financial services group Scottish Friendly has recorded sales rising by nearly half in 2010.

The Glasgow-based company saw like-for-like sales increase by 48% in the past 12 months to £12.9m from £8.7m in the previous year.

Scottish Friendly said this was the second year of double digit growth.

The company's sales and marketing director Neil Lovatt said: "This has been yet another exceptional year for sales at the Scottish Friendly group."

He added: "While we expect the market for savings to be difficult in 2011, we are confident we will continue to attract high profile partnerships, distribution deals and develop new investment products throughout 2011."

Scottish Friendly said it had reaped the benefits from its partnership programme with leading industry names such as Nucleus Financial, the Phoenix group, Royal London and Admiral.

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