Commercial reinsurance broker RK Carvill saw a small erosion of its profits despite increasing its top line last year.

The group's turnover increased to £39m from £35m in 2001.

But profit before tax fell to £4.8m from £4.9m.

It made increased dividend payments of £7.10 a share, against £4.88 in 2001. These totalled £3m this as against £2.1m last year. The company's retained profit fell in 2002 to £206,000 from £1.1m in 2001.

The group makes most of its money in North America, which accounts for nearly two thirds of its turnover.