Jardine Lloyd Thompson's specialist wholesale broker, Agnew Higgins Pickering, has reported a slump in profits for the year ended 31 December 2005.

The Lloyd's broker reported a fall in profit for the year from £3.4m to £2.5m.

Turnover also fell to £16.3m down from £17.2m in the previous year.

In a statement the broker warned: "If the US dollar remains at its present level or weakens further over a sustained period it could have a meaningful impact on the company's results for 2006 and 2007."