Giles Insurance Brokers has suffered a drop in its 2003 profit. Operating profit for the year to 31 August 2003 fell 27% to £351,000, from £483,000 in 2002.

Chief executive Chris Giles said "issues" associated with the broker's acquisition of Ward Evans in December 2002 and DW Steedmans in May 2003 had affected the bottom line.

Turnover for the year rose 46% to £9.9m, up from £6.8m in 2002.