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AWD UK profits slump due to credit crunch

AWD Group has blamed profit losses of €3.5m in the UK last year on financial turbulence in the markets.

The UK arm of AWD saw profits fall more than 200 per cent from a positive €3.7m in 2006 to minus €3.5m in 2007.

A statement by AWD says: “The revenue and earnings development of AWD United Kingdom was dominated by the property and financial market crisis and the resulting customers’ investment reticence in the second half of the year.”

Total revenue in the UK dropped by 6.7 per cent from €152m in 2006 to €142m last year.

In January, Swiss Life offered to buy AWD for £824m.

The firm offered AWD shareholders £21.31 per share in January 2008 and the offer was backed by AWD’s management board and the family of founder Carsten Maschmeyer, who will sell 20 per cent of the share capital, while retaining a 10 per cent stake.

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