Listed insurer OAMPS has achieved a 40% increase in its operating profit for the six months to December 31, returning $7.7 million. In an announcement to the Stock Exchange yesterday, Chairman John Jones said the Melbourne-based company’s result was $2.3 million higher than the profit for the corresponding period in 2000.

The result does not take into account the writedown of a $1.55 million stake in the failed Idoport investment. This was the vehicle used by businessman John Maconochie to fund his legal costs in his unsuccessful $50 billion lawsuit against the National Australia Bank. The writedown and tax will bring in a profit of about $3.9 million.

Mr Jones said OAMPS will continue to review suitable acquisition opportunities, and expects more purchases of broking and financial services companies and underwriting agencies. In the past six months it has acquired 14 more brokerages.

“Insurance premiums continue to harden for most classes of insurance, which is bringing higher commission returns for our insurance broking company,” he said. “Our financial services business continues to grow and now has 54 staff and is a growing contributor to profit.”

The company’s premium funding, underwriting agency business and British operations are also continuing to contribute to profit, Mr Jones said.