News

IAF slips deeper into the red

01 September 2008 08:07:00

London based financial services company IAF said full year losses widened although it has seen an encouraging start to the financial year despite challenging market conditions.

The aim listed group, which provides stockbroking and corporate finance services, said pre-tax losses widened to £2.2m for the year ended 30 June 2008 from £1.9m the year before. Turnover from the core business increased to £1.5m during the year from £1.2m before.

IAF offered an upbeat outlook in Monday's company statement.

"During the current year the board expects, despite market conditions, to make substantial progress towards our goal of a broadly based profitable group," it said.

It added, trading in the year to date has exceeded budget, with turnover for the first two months of this year ahead of the equivalent period for 2007/2008 and it is expected this trend will accelerate.

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