THB Group has acquired motor sport specialist Egger Lawson and is looking at two other acquisitions.
The £350,000 cash purchase of the Nottingham-based broker, completed at the beginning of December, came after THB floated on the Alternative Investment Market on 1 October, raising £6m.
Its interim results for the six months to 31 October show an increase in turnover to £10.54m from £6.23m in the same period last year.
Profit before tax was almost static at £1.64m, compared to £1.63m last year. Finance director Rob Wilkinson said the small increase was a result of the acquisition 12 months ago of motor sport broker, the TL Clowes group, whose results were strongly weighted to the second half of the year and which made a negative contribution to THB's profits.
Before goodwill amortisation, TL Clowes contributed £123,000 on turnover of £2.9m.
Wilkinson said that THB margins had come under pressure as a result of acquisitions. "There is some pressure on margins," he said. "There's an extent to which we've invested in infrastructure to support a larger business."
Chairman Vic Thompson added: "Since our aspiration is to double in size within a couple of years, the overheads are in place to accommodate that growth."
He said THB was looking to take on teams and businesses, with two in mind, but outside motorsport.
"The game plan has always been to expand in areas in which we have a substantial presence, but we're happy to move into a new area if the firm we're acquiring has a substantial interest there."
