While, nationally, 2007 is likely to be remain infamous for the credit crunch and fears of a looming recession, in Peterborough, chief executives say their companies have enjoyed huge success with the city itself having taken major steps along the path to ambitious development and greater economic prosperity.

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Group chief executive of the BGL Group Peter Winslow said: "We have enjoyed another spectacular year.

"It's difficult to isolate any one factor that has driven this performance, but I believe it comes down to the fundamentals – the culture of the business, our freedom as a private company and the calibre of our people.

"We have a very strong management team that is growing in stature. The group's phenomenal track record, its empowering culture and dynamic approach impresses new candidates and as a result, we are attracting talented people.

"The way we value and reward our people will, I'm certain, underpin the group's future."

BGL Group is the UK's largest privately-owned personal lines insurance intermediary and employs more than 2,255 employees – many of which are based at its head offices in Orton Southgate, Peterborough.

2007 saw a growth in income of 18 per cent to £212 million and pre-tax profits reached £43 million – an increase of 93 per cent on 2006. Highlights of the year included the group exceeding two million customers for the first time, the launch of carbon-neutral car insurance brand ibuyeco, and extending several key partnerships with brands including the Post Office and M&S Money. The company also unveiled its new name, the BGL Group, to reflect the growing breadth of its business.

Mr Winslow said: "Our profits almost doubled this year, significantly exceeding our original plans. As a result we have revised our targets upwards for 2008. We are in a very strong position for the year to come.

"The year will see the BGL Group continue to grow, bringing exciting new opportunities both for the group as whole and our people."

Joint chief executive of Peterborough-based Thomas Cook, Manny Fontenla-Novoa, said: "While UK consumers will almost definitely feel the pressure of the so-called credit crunch this year, our experience and research shows that annual holidays are an absolute necessity these days, as opposed to a luxury.

"The UK holiday industry is a resilient one, especially the package holiday sector, and has remained stable over the last year, despite issues such as recessions and terrorism.

"Early indications for Thomas Cook's next year's summer season are good, with bookings and average selling prices ahead, even though capacity is expected to be lower than for summer 2007.