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Profit just £1,400 but directors were confident

Keydata Investment Services made a pre-tax profit of only £1,400 for the year ended September 30, 2008 compared with a profit of £988,270 the previous year.

Salaries and bonuses paid to Keydata’s directors totalled £3.7m for 2008 and £4.1m a year earlier. The highest-paid director each year was paid £2m in total each year for the two consecutive years.

Keydata’s first product was launched in 2001 and it had £3bn under management as at March 31, 2008, according to unaudited figures.

Turnover for the year to September 2008 was £15.7m and operating expenses were £17.1m, creating an operating loss of £1.3m for the year to September 2008 but an interest-receivable payment of £1.35m saw the firm post a £1,414 profit while holding £3.4m in cash.

Keydata was set up and led by Stewart Ford with sales director Mark Owen and finance director Craig McNeil.

The directors said the 2008 results were “satisfactory” and they were “confident” that the long-term trend remains positive.

The firm’s £1m term loan due from Fundsworks UK was written down to nil as at September 30, 2008.

Keydata operated from three locations in London, Glasgow and Reading, specialising in the design and distribution of over 50 str- uctured products for individual investors.


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