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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.”

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