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F&C in the black

F&C announced its first pre-tax profit yesterday, recording a £7.9m return for the first six months of 2007.

The results offer a timely boost for the investment arm of Friends Provident which has not been able to report a profit since the group was created from the merger of F&C and Isis in 2004.

The turnaroud comes in stark contrast to the £29.2m pre-tax loss the firm made at the same stage last year, when the group lost several management contracts.

First half retail sales saw a particularly strong returns, having improved by more than a fifth in comparison to an industry-wide decline of 17 per cent.

F&C’s parent Friends Provident is also set to announce its results later this week, a move that is eagerly anticipated in the market ahead of its proposed merger with Resolution.


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