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Berkeley Morgan Group back in healthy profit

Berkeley Morgan Group is back in the black, turning a loss of £1m in 2002 into a profit that reached nearly £0.5m last year.

The Ofex-traded group includes 65-RI IFA division Berkeley Morgan and RE Gee & Co. This area of the business produced a turnover of £2.4m despite “adverse investment conditions” that directors blame for a lack of new business. The group says it intends to redefine its business model ahead of depolarisation to focus on the Sandler range.

The group says merging IFAs Moneyhill and Summit Financial Solutions and bringing them into the main group has gone some way towards boosting financial strength and it has closed some other subsidiary businesses.

The group made a profit after tax of £488,176 at the end of October 2003 – a big turn-round on losses at £1m for the previous year.

The group&#39s admin expenses fell from £2.1m to £1.8m after an extensive cost-cutting programme.

One of the strongest areas of the group was the healthcare division where profits rose by 52 per cent to £88,460 from £58,262.

Berkeley Morgan Group chairman and managing director Jon Pardoe says he expects all the group companies to be trading profitably within the next three months. He says: “I am delighted to report that over the last six months we have made significant steps towards our road to recovery. This is particularly pleasing after the rough conditions that we witnessed last year.”


Invesco cuts Isa charges by 2%

Henderson Global Investors is offering a 0.5 per cent discount on its preference and bond and strategic high-yield bond funds until April 30. The discount brings the initial charge to 3.5 per cent. Henderson is also reducing the initial charge on its European capital growth fund to 4 per cent from 5. F&C Management is […]

Bristol & West – Family Protected Savings Plan

Type:Capital-protected unit-linked endowment Aim:Growth linked to the performance of the FTSE 100, S&P 500, Nikkei 225 and Swiss Market Index Minimum sum assured/premium:£2,250/£25 a month Term:10 years Return:Up to 85% growth in indices Guarantee:Original capital returned in full at end of term regardless of performance of indices Closing date:March 15, 2004 Commission:£80 Tel: 0845 111 […]

&#39Lack of investment theme is holding back Isa season&#39

Negative investor perceptions about the Government&#39s commitment to Isas and the lack of unifying investment themes has left the viability of an Isa season in doubt, according to Isis director Jason Hollands.He says the past few years has seen a Isa season dominated by so-called “must-have” products that “whipped investors into action” but although there […]

Convex targets brokers with online conveyancing service

Online conveyancing system Convex is introducing a white-labelling service for IFAs that aims to make the homebuying process more transparent.The Convex service sits between the client and the solicitor. Once a milestone in the buying process is passed, for example, exchange of contracts, it contacts the client by email or text message to let them […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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