Gallagher UK juggernaut rolls on, but FirstCity acquisition drags
Pre-tax profits at Arthur J Gallagher (UK) Limited fell by a quarter in 2010 as one-off costs associated with acquiring financial lines specialist FirstCity weighed on its results.
After exceptional integration and amortisation costs, FirstCity lost £2.7mn and held Gallagher's overall pre-tax profits down to £6.2mn.
Despite these headwinds AJ Gallagher demonstrated the underlying strength of the business by increasing turnover by 27 percent to £68.4mn.
Nevertheless, its pre-tax profit margin came in from 15.6 percent in 2009 to 9.0...
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