PSC Insurance Group says its first-half performance was lifted by acquisitions and stronger premiums, and it remains on the lookout for expansion opportunities.

The company last year bought a 70% stake in Turner Insurance Services to expand into the UK retail broking market, along with a number of smaller purchases.

PSC says its operational highlights included incremental contributions across a number of acquisitions in distribution and in the UK businesses, principally Turner Insurance.

“The pipeline of acquisition opportunities continues to be strong,” the company says.

Revenue grew 22% to $54.7 million in the half, while net profit increased to $9.5 million from $9.1 million on an underlying basis.

Distribution business revenue gained 26% to $31.7 million and profit increased to $7 million from $5 million in the previous corresponding period, with the “impact of higher premiums evident”.

The agency business, which represents $90 million in gross written premium, contributed a profit of $1.4 million.

UK revenue grew 30% to $13.7 million, but the businesses reported a net loss of $300,000. One-off impacts included acquisition legal expenses and costs relating to an Alsford Page & Gems restructure. Underlying earnings before interest, tax depreciation and amortisation grew to $1.9 million from $900,000.

PSC’s statutory net profit fell to $7.7 million from $20.3 million in the previous corresponding period, when the result was inflated by a one-off fair-value gain from an investment in building contractor Johns Lyng, which listed on the Australian Securities Exchange in October 2017.

The group has reaffirmed its full-year earnings guidance.