But turnover increased slightly at the Norwich-based broker.
Alan Boswell Insurance Brokers has reported a drop in pre-tax profit for the year to 31 March 2019.
According to its results, posted on Companies House, the broker’s profit for 2019 was £2.2m, compared to £2.7m in the preceding year.
Turnover rose to £11.3m from £11.0m in 2018, while operating profit also declined slightly from £2.3m in 2018 to £2.1m in 2019.
The business stated in the document that the majority of the drop in profit was due to dividends being paid to the company in the prior year.
The broker, headquartered in Norwich, also reported a profit for the financial year and total comprehensive income of £1.7m (2018: £2.2m).
Meanwhile, the broker’s staff numbers increased to 181 over the year, from 172 in 2018.
Alan Boswell stated in the document that it was budgeted to increase its turnover over the coming year.
The business added: “The company believes that we will continue to benefit from the momentum that has built up over the past years, helped by very high client retention and many bespoke and niche products and services.”
It continued: “We are committed to expand further our client base and have a number of new business initiatives in hand.”
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