THB Group profits dipped to £3,8m for 2005 but the group said it was positive about the future
But profits before tax and goodwill for the year to end-April, came in ahead of earlier expectations.
The broking and risk management group reported a profit before goodwill and tax of £3.8m, down from £4.7m, on turnover up 3% to £32.4m, up from £31.5m.
Pre-tax profit fell to £2.2m from £3.7m. The board maintained its dividend at 4.25 pence per share for the year.
The Lloyd's broker, after several years of impressive development, encountered a series of difficult circumstances which constrained growth. In addition, the further deterioration of the US dollar adversely affected its result by some £0.6m in 2005 compared to the prior year.
Chief executive Vic Thompson said that, although 2005 was a challenging year for THB, it is looking forward positively to 2006.
"With the steps already taken to improve performance and good brokerage volumes in the first two months' trading, the particular circumstances affecting 2005 appear to be behind us."
