Propery specialist Erinaceous Group reported "modest" profit growth in its insurance services division in 2005.
The group reported a 3% organic growth in profits to £10.9m for the full year. This was against £10.6m in 2004, calculated on a pro-forma basis.
Including acquisitions, 2005 profit was £11.3m, an increase of 7% on 2004.
Divisional revenues fell by 2% on 2004 to £21.8m. But acquistions bolstered revenues to £22.4m in 2005, an increase of 1% on the previous year.
The group said operating margins "remained strong" at 50%, compared to 48%. This, it said, was the result of the "niche and specialised areas the division operates in".
