National insurance broker Oval has announced robust results, after a string of high-profile acquisitions..

The firm, which has its commercial property and credit teams based in its Coventry and Birmingham offices, saw its pre-tax profit increase for the year ending May 31 rise 16 per cent to £4.6 million, on a turnover of £83 million.

It recently increased its presence in the West Midlands further with the acquisition of long established insurance broker Martin and Pethard and its associated company Premier.

Martin and Pethard had a comprehensive spectrum of clients across various industries while Premier was a specialist broker dealing with the provision of insurance protection for social clubs.

Chairman Oliver Stocken said the results had been good, but the firm anticipated difficult times before the next set.

He said: “This has been another good year for Oval; we are very pleased to see turnover increase by 38 per cent. This has been achieved in spite of an economic downturn and a soft insurance market.

“Looking to the future, we are clearly mindful of the difficult economic environment that prevails, and certainly 2009 will be a time for very careful and considered investment.”