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Intrinsic posts £3.6m pre-tax loss for 2008

Intrinsic Financial Services has posted a £3.6m pre-tax loss for 2008, but grew adviser numbers by 22 per cent and acquired Mint network for £1.9m in February last year.

Intrinsic’s losses on ordinary activities before tax for 2008 compare to more severe losses in 2007 of £7.3m.

Adviser numbers over the period grew 22 per cent from 1,254 to 1,527 and gross commission income was up 40 per cent from £60m to £84m.

The financial statement reveals that the goodwill resulting from the Mint acquisition was £1.4m which will be written off over 20 years.

In the directors’ statement Intrinsic says that “despite an extremely difficult market, the outlook for the business is good with adviser headcount rising steadily, margins increasing and expenses showing only a modest increase”.

It says that risks and uncertainties facing the business include the economic climate and regulatory changes.


Rally round

Equity markets have rallied hard from extreme pessimism and oversold levels in early March and there has been some recovery in the credit markets, with prices hardening and spreads narrowing as liquidity returns. The turn-round has been remarkable but have investors cast aside their pessimism too quickly?

Watch out for Budget bill

I hope Julian Stevens will now read the small print in the Budget. He seems to think that for someone earning £150,000 or more, the answer is for the company to make a pension contribution instead.


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