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Merchant Securities flags £0.6m loss

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    Date: Thursday 01 May 2008

    LONDON (ShareCast) - Higher costs and deteriorating market conditions have forced financial services firm Merchant Securities to admit its full year loss will be bigger than expected.

    It reckons the loss after tax for the year ended 31 March 2008 will be about £600,000, after taking account of non-recurring items of some £400,000.

    The firm blamed the deficit on costs associated with system upgrades, LSE membership for a subsidiary, a beefed up management team and last October’s £4.9m acquisition of John East & Partners.

    It also noted worsening market conditions since December’s interims and the failure of a number of the larger private equity transactions in progress at that time to complete as anticipated.

    “The board continues to pursue its strategy of building a diversified financial services group and some non-recurring reorganisation costs are an inevitable consequence,” it said.

    “The board remains confident that the successful implementation of its strategy will see significant benefits accruing to the company in the medium term.”

    Full year results are due in the second half of July.

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