Insurance services company Charles Taylor has reported a 17% increase in revenue to £143 million ($271 million) for the year ending December 31.

The revenue increase compared to £122 million ($231 million) in the 2014 financial year, helping deliver a 31% rise in pre-tax profits of £12.8 million ($24 million) for the 2015 financial year. This compared to £11.4 million ($21 million) in the 2014 corresponding period.

The company’s CEO David Marock says Charles Taylor revenue and profit before tax increased strongly in 2015.

“We delivered numerous growth initiatives including launching the group’s turn-key managing agency business focusing on the development of our insurance technology business,” he said.

“We also completed a rights issue to enable further acquisitions, joint ventures and business investments.”

The rights issue raised £28.9 million ($55 million) and Mr Marock says the company has made its first investment by buying a stake in Fadata AD, a specialist provider of software to the global insurance industry.

“The group is now well-positioned to make further investments,” he said. “We are actively considering a number of opportunities, but will only invest should these meet our strict criteria of being a good fit strategically, culturally and financially.”

After the rights issue, the company has net debts of £9.9 million ($18.8 million) compared to £32.6 million ($62 million) at December 31 2014.

Mr Marock says Charles Taylor is now focused on building its professional services businesses organically and through targeted acquisitions, joint ventures and business investments.

“We are well prepared to develop new professional services business lines through such means,” he said.

“We view 2016 as being a period to consolidate our gains while putting further building blocks in place for future growth.”