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Sesame reports £2.9m profit for 2008

Sesame’s profit before tax fell to £2.85m for 2008, compared to £7.1m in the last seven months of 2007.

A Sesame spokesperson says the firm is transitioning to a new reporting period under owners Friends Provident and like-for-like figures for the 2007 calendar year are not available.

Sesame saw the overall number of registered individuals fall by 7.5 per cent in 2008. Its IFA member numbers fell by 11.8 per cent, while mortgage broker members rose by 5.5 per cent.

In 2008 Sesame received 2,839 complaints and upheld 396. It had a closing number of outstanding complaints of 256.

Sesame finance director Mark Wadelin says he expects the total number of registered individuals to decrease further in the next year.

He adds: “Despite this, gross margins are not expected to decrease. In line with the rest of the industry we expect to continue receiving significant numbers of complaints over the coming year.”

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