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£4m loss for Inter-Alliance but it aims to be in profit by end of 2003

Inter-Alliance made a loss of almost £4.3m for the first six months of this year but expects to be back in profit by the end of next year.

Chairman and chief executive Keith Carby, who joined the national IFA in January, says the company has been in a period of recovery.

The loss was down by £20m on the £24.3m loss for the last six months of 2001 and an overall loss for the year of £27.3m.

Turnover in the first half rose to £25.5m from £21.8m in the last six months of 2001.

After agreeing terms for the acquisition of HST in July, the group has 1,250 advisers and plans to expand through organic growth and acquisition.

Carby says: “I think this represents very steady progress in the right direction. We have worked very hard and closely with our IFAs to build up quality of service. To produce these results is very pleasing when most of our competitors&#39 results are quite seriously down.”

Berkeley Berry Birch group deputy chief executive Steve Ingledew says: “The main consolidators in the IFA sector are already formed. The big names are there leading the way and they are starting to build the infrastructure that is attracting the top advisers. We are in that group along with other big names such as Inter-Alliance. It is important that the IFA sector develops and matures.”

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