THB blames carriers for profit dive
CEO Frank Murphy points finger at insurers for poor results
Under pricing in the market is to blame for a sharp drop in profits at THB Group according to chief executive, Frank Murphy.
The specialist broker reported a £700,000 drop in profits to £2.4m (2008:£3.1m) despite a 20% increase in turnover and 29% growth in the UK operation.
Much of the growth and increase in turnover has been attributed to the company's risk management arm and the acquisition of PWS in January this year.
Earnings per share were down by 21% but the broker said shareholders would
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