Broker Stuart Alexander saw operating profit jump 40% in 2003 but has expressed concern about market conditions in 2004.
In the year to 31 December 2003, Stuart Alexander (Holdings) Ltd increased operating profit from £1m in 2002 to £1.4m, on turnover of £7.5m, up 23% from £6.1m in 2002.
Managing director Stuart Reid said the result was a "good solid platform for 2004, albeit we are concerned about the soft market".
Reid said: "It remains to be seen what the market will do in 2004. Reducing rates is a certainty, as will be further consolidation, but at what speed and for how long these two market forces will impact is difficult to envisage."
The company saw its pre-tax profit drop as it more than doubled the amount of goodwill it amortised in 2003, from £346,002 in 2002 to £826,695.
Reid said that the increase in goodwill amortisation was due to a decision taken to write off the goodwill from its last two acquisitions over two years rather than a longer period.
This caused the company's pre-tax profit to fall from £809,841 in 2002 to £453,167 in 2003.
