Hyperion Insurance Group has reported revenue from continuing operations of £111 million ($169 million) for the year to last September 30 – up 42% on the previous year.

Pre-tax profit for the group – the parent of underwriting agency Dual and broker Howden – was £20.6 million ($31.3 million) excluding acquisition costs, up 40%.

The results do not include the highly profitable Lloyd’s broking business Windsor, ownership of which did not transfer to Hyperion until October.

Hyperion CEO David Howden says it was “a landmark year”, with one of the operational highlights being the opening of Dual’s Singapore office.

Last month Hyperion announced plans to partner one of Asia’s largest insurance companies, MS&AD Insurance Group, in providing financial lines capacity for the Singapore market.

Following the release of the results venture capital firm BP Marsh confirmed it is in talks with a potential buyer for its 13.8% stake in Hyperion.

“Discussions are progressing at a normal pace but there can be no certainty these will lead to the company disposing of its interest in Hyperion’s shares,” a BP Marsh statement said.

Hyperion has also flagged the possibility of a senior appointment at Dual following the recent arrival of former Heath Lambert CEO Adrian Colosso as non-executive Chairman at Howden.