Arthur J Gallagher blames acquistion costs for 2011 loss

The UK broker reported a £4m profit for the same period last year.

The company said the integration of costs of acquisitions were the main factor behind the loss.

And it insisted that, following the acquisitions, the company expects to achieve "annual costs synergies" going forward.

The operating loss also stood at 1.9m in 2011, down from a profit of £4m reported for the previous year.

Meanwhile, turnover rose by 13% to £65m, up on the £57.2m posted in 2010.

According to the annual accounts