11th Sep 2013 11:46
LONDON (Alliance News) - Doriemus PLC swung into pretax losses as revenues fell, hurt by reduced demand for traded endowment policies.
For the six months ended June 30 the company swung to a pretax loss of GBP47,000 from a pretax profit of GBP377,000 the previous year. Revenues also decreased to GBP113,000 from GBP521,000.
Traded endowments are life-insurance policies that have been sold to a new owner part way through their term.
The company said that market demand for traded endowment policies remained extremely depressed, and uncertainty surrounding future demand had resulted in the board reconsidering the strategic direction of the company. This had led to the company taking on three new directors and adopting a new investment policy.
Investment company Doriemus's shares were trading up 5.5% at 0.0580 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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