PYV struck a note of caution despite reporting a jump in profits.
The group, which includes Lloyd's broker PYV, made £1,088,000 before tax in the year to the end of January compared to £563,000 the year before.
Chairman Geoffrey Pointon told shareholders the shortage of PI cover was hitting business.
The company, which plans to buy back shares this year, warned that results for 2003 were expected to be "satisfactory", but may not be better than last year.
The current results are the first since the group joined the Ofex market in October last year.
Turnover increased to £5.6m from £4m the year before and profits were boosted by a £139,000 disposal.