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Growth of Branch Network 8 CO 6 5 Profit (£m) + 3 2 1 100 90 90 equity INSURANCE BROKERS 80 80 70 60 60 Number of Branches 50 50 40 40 30 20 20 10 10 0 0 2000 2001 2002 2003 2004 2005 2006 EIB ODIS No of Branches Less competition following closure of Hill House Hammond and Budget's sale of branches to Swinton. Competition for personal lines branches now largely limited to Swinton, NU Direct, and local broker consolidation. Growth in 2003/2005 led by Bennetts and JMW acquisitions (20 and 8 branches respectively). ODIS significantly increases scale in 2007. Low (and certain) acquisition cost. Note: Profit is Earnings Before Interest and Tax

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