An insurance broker has returned to the black as it continues to hunt for takeovers.

Aston Scott made pre-tax profits of £1 million in the year to the end of June 2016 having made a loss of £2.5 million a year earlier.

This was after a restructure in May 2015 as its founder Andrew Scott stepped back to work as an independent consultant.

The West Malling-based business went into the red after it paid a £2.5 million bonus to directors as part of a management buyout led by Peter Blanc, a former retail chief executive at insurance giant Arthur J Gallagher.

The takeover was backed by private equity firm Bowmark Capital, which has since taken the insurer on an acquisition spree.

It has completed the purchase of Derby-based Bell & Co for an undisclosed sum in March. It bought First Commercial in 2015.

Chief executive Mr Blanc said: “We continue to develop a market leading panel of insurers that share our brand values around customer care.”

“Once again the business has grown in each consecutive year for the last six years...” - Peter Blanc, Aston Scott

Turnover increased 7% to £19 million at the firm, which employs about 240 people, according to its latest accounts.

Mr Blanc said organic growth of 3% was a “fantastic achievement in the competitive industry”.

He said: “Once again the business has grown in each consecutive year for the last six years.”

Operating profit fell by 42% to £994,000 before exceptional items, after investment in its systems and IT infrastructure.

Mr Blanc said: “The coming year will enable us to continue to focus on our client service and continue to seek acquisitions which are both an equal strategic and cultural fit with our business.

“I have full confidence and optimism that the Aston Scott Group will go from strength to strength.”

In March, it moved its Sheerness office staff to a new site in Watermark, Sittingbourne.