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's 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.”