News

Parkmead completes restructuring plans

19 October 2006 08:12:00

London-based merchant bank Parkmead Group said today that its restructuring plans have now been completed leaving it in a much stronger position.

Chairman Colin Goodall said, "In the early part of 2006 we announced our plans to fundamentally restructure the Group. We have reduced the Group's cost base such that our core Corporate Finance Advisory business is now trading profitably."

Following a strategic review Parkmead implemented a number of changes during the second half. The group said its cash resources were in decline and the trading subsidiaries were not, and not likely to be, cash generative in the near term.

The group reported a retained loss for the year of £4.7m compared with £0.35m including a £2.67m charge for provisions against the value of its portfolio investments. Core investment and advisory revenues rose 143% to £3.28m.

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