Tenet posts £1.6m pre-tax loss
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Tenet Group has announced a pre-tax loss of £1.6m for the year to September 30, 2010.
This is 60 per cent down on the £1m loss the company posted for the previous year.
The company says the further losses have been driven by market challenges and development costs of Sinfonia Asset Management, the group’s investment management platform.
Tenet says it has also been hit by the continuing low interest rate environment.
Overall sales increased 3 per cent from £76.3m to £79.1m, while cash reserves went from £28.4m to £27.8m, a fall of 2 per cent.
Chief executive Simon Hudson says: “The investments in our ongoing transformation restructure, the development of a technology platform and the provision of substantial support for our subsidiary businesses - Sinfonia Asset Management and professional indemnity insurer, Paragon - were comfortably absorbed by our net asset base, but naturally impacted on the group’s performance.
“2010 was undoubtedly a challenging year as the impact of the 2009 recession manifested itself in a number of different ways across the sectors in which our group companies are active. In this context, we believe our figures reflect a creditable performance.”
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Readers' comments (2)
Ancient Wisdom...is a mortgage broker in N3 | 7 Feb 2011 12:00 pm
..with RDR in 2013, 90% of networks will collapse - commissions areon the way
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Julian Stevensq | 7 Feb 2011 8:11 pm
What counts is the £28m that Tenet has in the bank, which demonstrates rather better fiscal management than the FSA seems able to manage, what with its overdraft of £14m last year. Then again, if the FSA hadn't paid its staff and directors £20m in highly questionable bonuses, it would have had £6m to knock off next year's levies against the industry that it seems consitutionally incapable of regulating effectively.
Had Tenet been £14m in the red, you can bet your bottom dollar that the FSA would have been in there like a pack of wolves falling on a wounded deer.
Still, never mind that. We're the FSA and not only can we do whatever we like but there's nothing any of you lot out there can do about it. What a great regulatory system.
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