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The Independent Online
Shares in the moneybroker Exco fell 9p to 173p, 2p below last year's float price, after the chairman, Carl Mosselmans, unveiled disappointing profits and said he was "cautious about the prospects for 1995." Exco made pre-tax profits of £43.5m against £41.5m last time and paid a final dividend of 3p, making 6p in all.

Peter Edge, chief executive, said Exco's performance was closely linked to the willingness of its clients to use the foreign exchange and derivatives markets, and forex in particular had been badly hit.

January and Feburary this year were an improvement on the end of last year, he said, but volumes were not back to those of the beginning of 1994. "March is looking like a very good month. This business is very difficult to predict," Mr Edge said.