Headline profits at the UK operations of AJ Gallagher International declined in 2011 as stronger underlying profitability was overborne by exceptional costs related to the major acquisition of retail broking house Heath Lambert.
Pre-tax profits slid from £22.7mn in 2010 to £11.4mn in 2011, as revenues soared by 83 percent to £171mn.
According to sources, the UK companies of Gallagher International incurred £19.8mn of one-off costs associated with the £97mn acquisition of Heath, which closed in May last year.
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