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Millfield expects to be profitable by October

Millfield Group has doubled its turnover and predicts it will be trading profitably by October.

Its confident outlook comes despite a 18.2m loss in the year ending March 31.

Turnover leapt to 85m from 41.9m in the previous year, boosted by the merger with Inter-Alliance. However, the 8m costs of integrating Inter-Alliance are blamed for the 68 per cent increase in los- ses from 10.8m.

Aim-listed Millfield’s share price rose by 0.5p to 32.5p on publication of the results. Chief executive Paul Tebbutt says a lengthy integration process has transformed two loss-making entities into one firm which should be profitable within two months.

Tebbutt says he wants to acknowledge the patience and support of Millfield’s 1,600-plus members who have tolerated the upheaval since the merger with Inter-Alliance.

He expects Millfield to be totally web-enabled by early 2006 and praises the benefits of shifting from Tiscali to Telstra technology. He says the new back-office centre in London’s Docklands will be operating in six to eight weeks, housing 30 support staff.

He believes that improved stockmarket conditions, reduced interest rates and growth in pension business will boost distribution businesses.

Tebbutt says: “Our grounds for optimism are based on the fact that we can now focus on working more effectively with our advisers and principals of our advisory firms to increase turnover, margin, profitability, recruitment and retention, in the knowledge that the long-term savings market is recovering after several difficult years. We are on schedule to achieve operating profitability from Q4.”


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