Lucas Fettes has announced an 11% increase in turnover to £12.3m for the year ending 31 March 2008. Operating profit rose 7% to £799,864 in the same period.

“We achieved this through the maturity of more of our trading divisions, while also taking into account the funding of developments that have not yet matured, but will drive our next stage of growth in future years,” it said in the directors’ report.

The broker cited continued premium-rate reductions, client retention, client developments and new business acquisition.

“We also continued to diversify our distribution through our maturing schemes division, which has successfully developed key affinity relationships, and our wholesale division, which includes Lloyd’s placements as an accredited broker,” it said.

Lucas Fettes has set itself the goal of achieving £16m turnover and a profit of 10% by the year to 31 March 2011. It said this would be achieved through its schemes division and Haywards Heath Financial Services, supplemented by continued growth from its existing divisions, while attracting new staff and teams.