Saga Services, the broker specialising in cover for the over-50s, reported profits up by 35% in the 12 months to 31 January.

The company is part of the Saga Group and arranges insurance, other financial services and home shopping for its clients.

The company does not analyse its accounts by separate business activities.

Its turnover increased by 23% to £122m from £99.4m the year before. Profit before tax was up in the same period by 35% from £48m to £64m.

Operating profit was up £16.6m on the year before to £61m, although investment income was flat compared to the prior period.

The company increased its investments by £12.5m during the year and saw the value of its stock holdings increase to £297,000 from £259,000.

The group had invested "significant resources" in strengthening Saga's position "as a key player in its market," the directors said.

It increased its dividend payment to owner Saga Group to £37m from £30.5 in 2002.