Giles is taking on the US market with the opening of its first non-UK base in Chicago.

The move came as Giles posted its annual results, which showed unaudited revenue for the year ended 31 August 2005 increasing by 22% to £16.5m.

The Chicago operation will be headed by Brian Daly.

Chief executive Chris Giles said: "We believe we're the first Scottish broker to have a presence in the US, and one of the few regional brokers to do so.

"Our aim is to build a $100m US brokerage within the next 10 years," he added.

Giles has also now received provisional Lloyd's accreditation status.