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Foster Denovo posts £1m pre-tax profit

National IFA Foster Denovo has increased pre-tax profits to £1m, a rise of 75 per cent compared to a profit of £583,000 in 2010.

The firm saw its turnover increase 6 per cent to £19.1m in 2011 from £18m in 2010 and saw operating expenses rise 11 per cent from £7.4m in 2010 to £8.2m in 2011.

The company saw an 8 per cent drop in advisers to 92 compared to 100 at the end of 2010.

Foster Denovo says its investment company, Sequel Investments now has over £65m assets under management. It announced the appointment of Darren Laverty as director of sales and marketing in March.

Foster Denovo chief executive Roger Brosch says: “We continue to be excited about the future and believe there will be acquisition opportunities brought about by RDR that we are well-placed to take advantage of.”


S&P downgrades Spain’s credit rating

Standard & Poor’s has cut the long-term credit rating of Spain by two notches from A to BBB-plus citing deteriorating government finances as a result of a contracting economy and ailing banking sector. The ratings agency has also placed the country in negative outlook, meaning there could be further downgrades to come. The move means […]

Six-year jail sentences for mortgage fraudsters

Two Slough men have been jailed for a total of 12 and a half years after being found guilty of multiple mortgage frauds. Tahir Malik and Patrick Kamande were sentenced to six and a half years and six years respectively at Reading Crown Court on April 13. Kamande’s wife, Mary Kimani, received a 10-month sentence […]

UK dividends reach record highs in Q1

UK dividends hit record levels in the first quarter as payouts increased by 25 per cent to £18.8 billion, according to the latest UK Dividend Monitor by Capita Registrars. This record figure was boosted by a number of special dividends, including £2.2bn from both Cairn Energy and Vodafone. Forecast dividends for the year have been […]

Great expectations for Japan

By James Dowey, Chief Economist and CIO Turnaround stories are an investor’s best friend. If successful, they prompt a widespread and possibly radical re-evaluation of the fair value of the associated assets. If one is brave enough to re-evaluate early on in the process then the returns can be very large. For over two decades […]


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