Durlacher burned by dotcoms and telecoms
Will make 'substantial trading loss' for year
New technology backer, Durlacher, is going to post a 'substantial trading loss' for the year ended 30 June, because the market hasn't been going well, and in fact 'worsened over the past few months.'
And things aren't going to improve too quickly. In a statement the company said: "The current market environment [in the technology, media, telecoms sector] remains very challenging and in recognising that these conditions may continue for some time, the Group is concentrating resources on revenue generating activities."
Last year the company announced pre tax profits of £12.2 million for the year to June 30 - an increase of 356 per cent on last year. Turnover was up from £13.2 million last year to £28.5 million and its market capitalisation increased to £320 million, up from £64 million. ®