Broker Heath Lambert has posted a £8.6m pre tax profit with chairman Adrian Colosso saying the company was now beginning to feel the benefit of its restructuring.

Heath, which announced it had pulled out of merger talks with rival JLT, saw UK Income increase 8% year on year, and employee benefits consulting revenues up 19.1% to £7.7m.

Colosso said: “These numbers demonstrate that our strategic actions to develop a strong independent UK retail business, while maintaining international wholesale and reinsurance specialisms, are now coming to fruition and it is a remarkable turnaround at a time when other brokers are struggling.

“Having made the structural changes to our activities and adjusted our business model last year, we have focused this year on embedding a sales culture throughout our business and worked hard to develop our position as a UK retail broker. Our results clearly indicate we are on track.”