THB Group has announced its results for the year ending 30 April 2004, pretax profits unchanged on the previous year at £3.7m.
Profit before goodwill amortisation and tax was up to £4.7m, a 14% increase on the £4.1m reported for 2003.
THB also reported turnover up 38% on the £22.8m reported for the previous year, reaching £31.5m.
Chairman Vic Thompson said that in a year when market conditions and currency movements had created a challenging environment, the group had continued to grow through acquisitions.
THB said the recruitment of a property team from Alexander Forbes in June 2003, and the acquisition of the Rarrigini & Rosso business in September 2004 had made positive contributions to the full year results.
But the company said organic growth had been at a lower level than seen in the previous year.
The group said: “2004 was a year of significant development for THB Group, as we completed our largest acquisition to date.
"Although first half trading was slow, the second half saw an improvement in performance over the same period last year.”
The North American division performed well, with binding authority business increasing, said THB. It also said its Lloyd's-based motor fleet business continued to grow in spite of strong competition from composite insurers eager to cut rates to gain market share.
The group's provincial retail performance reflected strong organic growth in THB Clowes and THB Financial Services, but was affected by poor results in two smaller operations, it added.
The board has approved the payment of a second interim dividend of 2.75p, payable on 12 August 2004, bringing the total dividend for the year to 4.25p (2003: 4.0p).
