Aitken sees year's profits at pounds 713,000: Exceptional items reach nearly pounds 2m

Click to follow
The Independent Online
AITKEN HUME, the financial services and banking group, reported pre-tax profits of pounds 713,000 for the year to 31 March 1993.

This compared with pounds 2.3m the year before, or pounds 309,000 on a like-for-like basis after a pre-sale contribution of pounds 2.02m from the Bachmann Group, a Guernsey financial services company sold in March 1992.

The pre-tax figure was struck after exceptional items of pounds 1.98m. These included a pay-off of pounds 100,000 to the former finance director, Charles Charlwood, and provisions for future settlement of stock options for the executives of National Securities Research, Aitken's former US fund management subsidiary, sold earlier this year.

The fund management business was sold for a maximum pounds 38m to Phoenix Home Life Mutual Insurance in the US. Aitken sold all but three of its businesses in 1989 to stem losses, and is now left with its private banking interests in London and Guernsey.

Ziad Idilby, chairman, said that the board was looking for ways for shareholders to realise the underlying value of their investments. He said Aitken had received an outline proposal from Allied Group, a principal shareholder, which could involve investment in the Asia Pacific region. Aitken is already controlled by Hong Kong and Arab interests.

He added: 'I am pleased to report that the group continued to have no external borrowing and the capital base at the year-end was pounds 17.8m.'

Aitken paid a final dividend of 1p, after passing the interim dividend.