Agribusiness Ruralco, which owns a 50% interest in joint venture Ausure Consolidated Brokers (ACB), grew its net profit by 15% to $12.4 million in the half-year to March 31.

Revenue increased 4% to $841.43 million compared with the previous corresponding period.

The ACB joint venture contributed $100,000 – calculated on an earnings before interest, tax, depreciation and amortisation basis – to Ruralco’s financial services business.

Ruralco Insurance merged its assets into ACB under the deal announced last November.

“The merger of the Ruralco Insurance business and staff into the Ausure Consolidated Brokers joint venture has been completed and the operating cost profile of the division has been right-sized for improved financial performance,” Ruralco says.

“This step change in Ruralco’s financial services division transforms a sub-scale insurance offering into a leading insurance offering for Ruralco’s customers and a positive forward earnings profile is anticipated for the division.”