Business Weekly - Cambridge, UK

Pre-tax profits were up a massive 117 per cent to £11.3m (2004: £5.0m) and net premiums improved by over £10m to £118.8m (2004: £108.6m), lifting the share price 24.31 per cent, up 11 pence to 56.25 pence.

Executive chairman Ross Dunlop for the Brentwood firm said: “These profits represent four pence of earnings per share (2004: 1.8p) or a 27 per cent annualised net return on shareholders equity and were achieved in both tough and at times rough conditions in both the motor insurance and investment markets.

“The improvement has been brought about by two factors.

“Firstly, our investment fund has performed rather better than it did last year. Secondly, our underwriting performance continues to improve.”