INSURANCE broker and risk management specialist Smart & Cook, which has its HQ in Harrogate and major offices in York, Scarborough and Skipton, has been declared the ninth out of 19 most profitable companies in the North East.

The ranking has appeared in the Sunday Times PricewaterhouseCoopers Profit Track 100 which records that its latest profits of £3.2 million for 2003/04 represents an annual growth of 67 per cent.

This is the first ever appearance of the firm in the Profit Track 100, which compares company profits over three years, but the celebrations are tinged with sadness.

Geoffrey Cook, the firm's multimillionaire chairman and co-founder, died suddenly at his home on January 19.

He and Paul Meehan, the chief executive, had built up the company into a group with 400 staff, and a premium turnover of £160 million

"It is heartbreaking that he is not here to share in this," said Ian Chapman, the group marketing officer.

"He would have been very proud of the fact that the company, after all his exemplary efforts, made it to the top 100 profitmakers. It is a fantastic tribute to him."

Last year Smart & Cook linked up with 3i which took 37 per cent equity, creating a £57.5 million acquisition war chest. This meant the business capitalised at £30 million with benefits of a £27.5 million facility from the Royal Bank of Scotland.

Since then the firm has taken over the general insurance business of HBoS, bought long-established Harrogate brokers Gale & Phillipson and acquired independent Stockton broker Lindo and Tindale.

Overall, a record 34 companies based in the North made it into the top 100, compared with 27 firms last year.

Top profitmaker was office product supplier Kingfield Heath of Sheffield whose latest profits of £9.8 million represent an annual profit growth of 156 per cent.

Updated: 10:33 Monday, April 11, 2005