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Sesame Bankhall Group and Pantheon Financial profits fall 60%

Sesame Bankhall Group and Pantheon Financial profits fell 60 per cent in 2009 to £4m, down from £10m in 2008.

According to Resolution’s financial results, published today, trading conditions for distribution businesses remained challenging in 2009, while the 2008 results benefited from “one-off items”.

Sesame Bankhall Group executive chairman Ivan Martin says: “Sesame results for 2009 are not presented on a like for like basis compared to 2008, since they include costs associated with the acquisition of the Bankhall Group in October 2009 and the subsequent restructuring of the new combined organisation.

“The trading performance of Sesame was ahead of expectations in 2009 and only marginally below its performance in 2008, despite the difficult market conditions.”

In October last year Sesame acquired Bankhall Group and made a series of senior appointments, including Ivan Martin as Sesame Bankhall Group executive chairman and Stephen Young as chief operating officer.

David Golder was appointed managing director of Bankhall and John Malone was named chairman of PMS.

In November, Sesame revealed that up to 100 redundancies would result from the integration of the two firms.

Earlier this month Golder left the Sesame Bankhall Group.

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