Broker Network Holdings' pre-tax profit soared by 73% on the previous year to £1.315m, preliminary results for the year ended 30 April 2005 stated.

The results also showed that turnover increased by 63% to £7.59m, from £4.67m in the previous year.

The company also announced the acquisition of Lincolnshire brokers Harrow Insurance Consultants and David Christian.

The acquisitions brought the number of purchases made by Broker Network to 14 since the start of 2004.

Chief executive Grant Ellis said the performance was "very satisfying - we're slightly ahead of projections".

He added that there were no plans to go for a full stock market listing.

"Aim provides a slightly more relaxed regulatory regime and is right for us for at least a few years."

Ellis said growth had been spurred by an increase in network membership and its broker acquisitions.

One of the largest to date has been Fraser Tennant in Scotland, with a GWP of over £9m.

Ellis denied that Broker Network paid over the odds for Fraser Tennant, despite competition from Giles.

He said: "There was no bidding war and we did not pay over the odds, although this was a larger acquisition for us - around 1.6 times brokerage.

"It's good [for Giles] to have some competition in Scotland."

Broker Network currently has a staff of 200 and Ellis said he expected further growth. "The move to the shelter of networks is under way as the impact of regulation starts to bite."