Organic growth, cost reductions and increasing scale were major contributors to PSC Insurance Group’s 70% profit surge last financial year.

The group has recorded a net profit of $14.3 million, exceeding prospectus expectations by almost $2 million. 

PSC listed last December, reaping $43 million from its initial public offering.

Underlying revenue was up 34% to $67.5 million, partly driven by major acquisitions, which contributed $8.1 million to revenue – $1.9 million pre-float and $6.2 million post-listing.

The biggest acquisitions were broking businesses Reliance Franchise Partners, Australian Reliance Perth and Sydney, John Holman & Sons (UK), Hiscock Insurance Brokers and TA Management.

“A key focus was on cost management and looking for efficiencies across the business and better use of the group’s increasing scale,” PSC says.

“As discussed in our half-year announcement, the existing businesses have continued to grow at a sound level and organic growth continues to be a core focus of the group.”

“Australian broking has grown solidly excluding acquisitions.

“Australian network and underwriting agency business have grown strongly and the UK wholesale broking and underwriting agency business, excluding [Lloyd’s broker] APG, was flat, reflective of soft market conditions.”

PSC has bought a building in East Melbourne that will become its new corporate headquarters in December.