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Sesame recruits fewer than expected mortgage RIs

Sesame saw an 8 per cent fall in revenue for the year to November 30, 2004, as well as a lower than anticipated number of mortgage intermediaries joining the business.

However, a trading update from parent company Misys shows that reported revenues from Sesame improved in the second half of 2004, up by 7 per cent in the six months to November 30 compared with the same period in 2003.

Sesame says this increase compared with the previous year reflects the uptake of new products, generally improved conditions in the savings market and increased productivity by registered individuals.

Actual figures for revenue will not be disclosed until full results are published at the end of January.

The mega-network says operating margins are ahead of expectations, as it saw mortgage revenues starting earlier than expected although the total number of mortgage intermediaries joining the business was lower than anticipated.

Total RIs at Sesame rose to 7,600 from 6,550 on May 31, 2004, a smaller growth in numbers than it expected.

Misys executive chairman Kevin Lomax says: “Our trading performance in the first half demonstrates encouraging momentum. All the lead indicators in our main markets are positive and our expectations for the full year have not changed.”

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