PSC Insurance Group has reported a sharp rise in first-half net profit, up to $20.3 million from $5.2 million in the corresponding period of 2016, powered by solid performances from acquisitions made last year.

Six acquisitions made between last May and October contributed $1.1 million during the period.

“These businesses have made a sound contribution and are performing to expectation,” PSC says.

“The group is well positioned for the second half and we are confident we can continue the good result of the first half.”

The group’s Australian and New Zealand operations enjoyed strong organic growth, with particularly strong performances from Chase Underwriting and PSC Connect.

Fee and commission income increased to $40.92 million from $34.46 million in the corresponding period of 2016, taking overall revenue to $62 million from $36.7 million.