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Sesame sees 1.9m loss as endowment provisions escalate

16% increase in revenues attributed to strong take-up of mortgage offering

Sesame lost 1.9m last year despite bringing in 11m from the sale of its shareholdings in 1st and Assureweb.

Results for the year ending May 31 show that losses were down from 5.3m the previous year but the network put aside a further 15.7m to deal with endowment complaints this year, up from 8.9m in 2005, which it says is due to increased consumer awareness, poor stockmarket performance and time-barring.

Sesame projects its existing and future endowment complaint liabilities are now 19.8m, up from 10.6m in 2005, although the firm says there is uncertainty around this figure due to a lack of records of policies sold.

Sesame sold its 60 per cent stake in Assureweb last July and its 29 per cent stake in 1st last August for a combined 11m.

Revenues rose by 16 per cent to 370m from 319.2m.

Sesame says this reflects greater RI productivity and strong take-up of its mortgage offering. Its multi-tie offering, Sesame Select, now has over 1,000 advisers.

Misys said in March it had ended discussions with several potential buyers of Sesame after concluding that it could not achieve an acceptable sale price although it still views the network as a non-core business.

The directors are considering a number of bids for the software company, as well as for separate parts of the firm, although it will not confirm if bids have been received for Sesame.

Misys chief executive Kevin Lomax says: “Misys still views Sesame as a non-core business but will continue to own and manage it for the time being.”


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