The Broker Network has published its most successful results to date, despite a rise in losses in its retail sector.
The company reported an 83% increase in profits before tax for the year ended 30 April 2006 to £2.4m - up from £1.3m in the previous year.
Operating profit also rose significantly to £2m from £979,000 a year earlier.
In its retail operation, Broker Network Insurance Brokers (BNIB), the company reported an operating loss of £407,000 compared to a loss of £316,000 in the previous year.
This contrasted with the wholesale and network services division, which reported a £2.5m operating profit, up from £1.3m a year earlier.
BNIB made six acquisitions, including two non-members of Broker Network during the period.
Grant Ellis, chief executive of Broker Network, said: "At a point in the market cycle when many brokers have started to experience a downturn in their fortunes, we have shown that we are not only able to continue to grow, but at the same time significantly improve our profitability.
"As our strategies are only part executed the scope for continued profitable growth is considerable."