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Dampier renews attack

Hargreaves Lansdown head of research Mark Dampier has again criticised Millfield Group chief executive Paul Tebbutt.

Tebbutt was put under the spotlight last week when Dam-pier urged him and Invesco Perpetual to justify star manager Neil Woodford&#39s decision to invest more than £10m in the loss-making company.

Invesco chief executive Mike Webb argued that Millfield is a turn-round investment while Tebbutt said Dampier should consider research from Durlacher predicting that his firm will turn a profit this year.

But Dampier, in a letter to Money Marketing this week, disparages the argument that Millfield is a good investment just because funds from other managers have taken stakes in the firm. Dampier says: “I would make two points, first, who cares how many companies are invested in the group, it still doesn&#39t answer my question. Second, the chief executive uses a third party to suggest that his company will make a profit next year – doesn&#39t he know himself?”

Tebbutt says: “Doesn&#39t he understand the rules? Chief executives of plcs cannot give a profit forecast.”

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