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Sesame profits down, announced in Misys annual results

Sesame turnover is down five per cent on last year with profits falling by 2m but RI numbers have increased 20 per cent.

Revenues fell from 335m last year to 319m but the network says performance is in line with expectations.

Operating profits fell 4m to 6m since 2004.

It has experienced high volumes of endowment complaints against IFAs, and has estimated 10m will be required to cover the cost of these complaints.

In parent company Misys’ preliminary results, the company insists it is still intending to sell Sesame, currently with 8,150 members, up 20 per cent on last year.

Goodwill amortisation totalled 22.2m on the year.

Misys says the sale of Sesame will depend on the success of its newly announced multi-tie model and an overall improvement in trading conditions.

Lexicon Brothers have been appointed to assist with preparations for the sale of the network, expected within the year.


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