Cleaver said the collapse of Independent Insurance had cost the group an additional £680,000 and brought exceptional costs for the year to 31 December 2001 to £1.58m.
Pre-tax profit, excluding the exceptional costs, rose 14% to £8.6m. Turnover increased 8% from £457m to £492m. Partnering work contributed 50% of turnover.
Cleaver added that Mansell was still planning to float on the stock market within the next two years. He said: “It’s all about getting the timing right.”