Personal lines giant Swinton is looking to follow its purchase of commercial broker Vectis Insurance as early as this month, according to its chief executive Patrick Smith.

Swinton acquired Isle of Wight-based Vectis last week.

"There are a couple we have our eye on and we may be purchasing in the next month or so. Until then, they are not names I can discuss," Smith said.

In March, Insurance Times reported that motor specialist Swinton would be opening a commercial unit to concentrate on small-to-medium enterprise (SME) business.

The news comes as the company reported profits from broking activities were up 26% on last year to £37.4m.

It was the sixth consecutive year that Swinton saw profit growth.

However, last September's acquisition of Budget Retail only showed "modest improvements" in the accounts, according to Smith.

This was because of the costs involved with buying it and only four months of trading, he said.

Gross premiums saw a 10% rise on last year to £479.9m.

Smith revealed that next year he hoped to grow the business to £600m.

He added that commercial lines would be about £25m of this figure.