Profits at specialist aviation broker Grimme Butcher Jones leapt in 2003.

The broker, which has offices in the UK, Europe and Asia, recorded a pre-tax profit of £176,466 for the year ended 30 June 2003. This represented a 68% increase on the previous year's figure of £105,529.

Turnover increased to £851,900, compared to £726,332 the previous year.

But despite the profit jump, the company decided against paying a dividend.

A statement from Grimme Butcher Jones said: "The directors do not recommend the payment of a dividend and the retained profit of £164,871 has been transferred to reserves."