CBG Group, the Manchester based insurance broker, has grown its half-year profits to £718,000 – an increase of 43% on the same period last year.
CBG, which recently secured £3m of equity to fund growth in the North West, also saw year-on-year revenue balloon by 48%.
CBG chairman Laurie Turnbull, said: “The group has continued the growth pattern of prior years by following the focused strategy of achieving both organic and acquisition led expansion.”
In the past six months, 17% of the company’s growth had been organic.
Last month, the company acquired general insurance and financial adviser GF Baskeyfield, which has a turnover approaching £1m.
In a related move, CBG has appointed Paul Manning as a non-executive director. He was previously chief executive with Texas Group.
Turnbull added: “We are well placed to continue to develop our business. Our business model is attractive to owners of businesses who may wish to sell but retain an interest and utilise their skills within an expanding and vibrant group.”
Since March 2005, CBG has made five acquisitions, and has confirmed that at least four more are in the pipeline.
In 2006, the company posted a turnover of £5.1m, and pre-tax profits of £1.2m.