Hercules Property Services, the property and insurance consultancy that includes Deacon Insurance, posts a 21% rise in pre-tax profits to £2.45m in the last six months of 2000, compared to the year before.

Turnover increased 62% to £15.7m and operating profit was up by 33% to £2.98m after a goodwill write-off of £591,000.

In December 2000, the group completed the £20m acquisition of FMW Group, which owns Farr, a specialist UK housing insurance intermediary.

Farr places insurance for more than £30bn worth of property, equating to approximately 35% of UK's Housing Association and Registered Social Landlord market.

Deacon and Farr now insures property worth just under £50bn.