Giles Insurance Brokers has posted improved results for the 2004 financial year.

For the year to 31 August 2004, it recorded turnover of £13.3m, up 34% from 2003, while pre-tax profit leapt from £265,000 to £700,000.

Chief executive Chris Giles said the unaudited figures from the company's management accounts also revealed earnings before interest, tax, depreciation and amortisation (EBITDA) of £1.9m.

Giles said the planned management buy-in had been put back from its original timing of October or November this year until next February or March, in order to include its figures for the first six months of 2005.

He said that for the 2005 financial year, the company was forecasting turnover of £17m, EBITDA of £3m and a pre-tax profit of £2m, without the impact of any further acquisitions.

But Giles said that despite a planned acquisition falling through, Giles continued to target bolt-on businesses with premium income of up to £1m.