Cobra reports rise in profits

The broking group revealed that its revenue increased by 68%, with organic growth of 13% and the number of network members increasing from 98 to 126.

It also reported strong underwriting growth supported by two major insurers, although it admitted that the summer floods had an "adverse impact" on insurer profit shares from its network.

Steve Burrows, chief executive, said: “Despite adverse market conditions, we are pleased to report excellent twelve month interim results. The insurance marke