The Broker Network reported a 9% increase in its pre-tax profits for the year ended 30 April 2004.
It said pre-tax profits grew from £704,000 in 2003 to £770,000 for 2004.
Turnover grew 32% from £3.4m in the year ended 30 April 2003, to £4.5m in 2004. Operating profit grew 15%, up from £542,000 to £621,000 for the year.
Gross written premiums increased 22%, up from £194,914 in 2003 to £237,267 for 2004.
The accounts relate to Broker Network Holdings subsidiary The Broker Network. Financial results for Broker Network Holdings will be released in 2005, following the company's flotation on AIM in May 2004.
The Broker Network membership grew to 133 companies, up 27 on the numbers for the previous year.
The network also acquired outright five businesses between January and April 2004 from retiring network members.
Chairman Faisal Rahmatallah said: “This strategy was laid out in our flotation prospectus and is one in which we invested heavily in support infrastructure during the year. It is therefore very gratifying to report a better than forecast result for the period.”
The Broker Network chief executive Grant Eliis said: “The record profit achieved is a reflection of the continued strength in our brand and business model.
“We have also continued to invest in our people and infrastructure to provide a platform for future growth and to ensure that we maximise the returns from the acquired outlets.”
