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Millfield posts £2.2m loss

National IFA Millfield made a loss of £2.2 million between March and September because of a 217 per cent increase in administration expenses from the same period in 2000.

In its interim results for the six months ended September 30 Millfield&#39s administration expenses to improve its infrastructure came to £4.5 million compared to £1.4 million in the first six months of 2000.

But its turnover is up 16 per cent to £6.7 million from £5.8 million, its gross profit is up 17 per cent to £1.8 million from £1.6 million and its advisers up to 270 from 50.

The biggest contribution to its expansion was its acquisition of Heritage IFA, with about 150 advisers, for £10 million in September.

Chairman Richard Mansell-Jones says: “There is of course some general economic uncertainty at present. Nevertheless, Millfield has made substantial progress since its flotation.”

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