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Durlacher is censured by LSE

Durlacher, the investment analyst which specialised in the IFA sector, has been censured by the London Stock Exchange for advising financial advisory firm Prestbury to delay a profit warning.

The LSE says Durlacher advised Prestbury not to announce a drafted profit warning between May 17 and May 25, 2004, while it completed a 500,000 fund-raising scheme.

The LSE says it does not imply any criticism of Prestbury although it breached Aim rules.

Durlacher, which merged with Panmure Gordon in April, has been active as an adviser to IFA clients including Personal Group, which bought Berkeley Morgan last year, and Lighthouse, which used Durlacher until July this year.

Prestbury chief executive Lee Birkett says the firm now uses Grant Thornton after dropping Durlacher after the incident. He says: “We left Durlacher after their behaviour over this. We made it aware of the profit warning and it chose not to announce it. It is the adviser and we could not have done any more without its approval.”

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