Giles losses for 2011 come in at £37m

However, the broker highlighted that it had achieved a 16% increase in turnover to £81m (2010: £70m) and a 15% increase in EBITDA to £24m from £21m the previous year.

Broken down by division, Giles saw turnover in retail business increase by 14% to £65m and EBITDA up 13% to £18m.

The wholesale business, which includes Ink Underwriting and the Westinsure network, increased its turnover by 26% to £15m, while EBITDA rose 21% to £8.4m.

Paul Matson, chief finance officer at Giles, said the results