View more on these topics

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.”


Baring fund targets Africa, Middle East and Eastern Europe

Baring is introducing its third long/short equity hedge fund, the Emea absolute return fund, which will invest in East- ern Europe, the Middle East and Africa. Launch- ing on November 1, the fund is aiming to deliver returns in excess of 20 per cent a year, with 15 per cent volatility. It will be managed […]

Privy Council allows Chartered Financial Planner status

The Chartered Insurance Institute has received confirmation from the Privy Council it can now award the title of Chartered Financial Planner.The CII says this is possibly the most significant milestone achieved for the qualification standards of the financial services industry, not only on an individual basis, but in raising the professional standing of theindustry putting […]


Wheel thing

Barclays Global Investors’ brand of exchange traded funds, iShares, is to sponsor the Zuri-Metzgete cycling event, taking place in Zurich on October 2. The event, which has now been catchily renamed the iShares Zuri-Metzgete, has been held for 92 years. As one of the final stages of the Pro Tour circuit, the gruelling 241km race […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm