Significant new contract wins have helped a key insurance specialist to nearly double its turnover and achieve record profits.

Expanding incident management specialist Keycare has also doubled the size of its offices after moving from Baildon to a new head office in Shipley.

In the year to the end of October, Keycare boosted pre-tax profits to a record £800,000, with customer numbers rising to one million.

The 27-strong business, which recovers and replaces lost or stolen keys for customers of household names such as Marks & Spencer, 1st Central and Suffolk Constabulary, has boosted turnover from £2.5 million to £4.2 million.

The second-generation family company, founded 35 years ago, has also doubled the size of its offices by moving from Baildon to new 3,800 sq ft premises at Quayside near Salts Mill to accommodate further expansion. Three mew jobs will be created before the end of the year.

During 2012, Keycare won more than 12 new contracts worth a combined projected income of more than £2 million over the next three years and launching into Ireland on a licensed basis.

The deals included extending its relationship with Admiral, one of the UK’s largest car insurance providers, across all four of the group’s direct insurance brands. Following trials, Admiral now offers Keycare as an optional add-on to its motor insurance policies across the Admiral, Bell, elephant.co.uk and Diamond brands.

As well as providing replacement and recovery cover for all types of keys, Keycare provides an emergency 24-hour helpline, car hire and the support of a nationwide network of locksmiths. The company’s key fob also offers a reward for finders returning lost keys.

David Ross, Keycare managing director, said: “Our ethos of striving for excellence in customer care is also being recognised with prestigious awards shortlistings in the North of England Excellence Awards, and the Insurance Times customer service initiative of the year.

“It is credit to our loyal team – 90 per cent have been with us for four years or more – that we have grown through the recession and continue to secure high-profile contracts with household names. We’re looking forward to even greater achievements in 2013.”

Founded in 1977, Keycare has grown to become the UK leader in the recovery of lost or stolen keys for both individual and corporate clients.

After securing a major contract with a leading building society in the 1980s, Keycare has continued to build strong and often long-term links with many of the UK’s leading retailers, service providers and motor companies.