Profits fall but chairman says Manchester broker has held up well in tough market conditions
CBG Group reported adjusted pre-tax profits down from £1.026m in 2009 to £842,000 last year.
Revenue fell from £8,961,000 in 2009 to £7,708,000 last year. Adjusted earnings before income tax and depreciation was £1.16m last year compared to £1.386m in 2009.
Chairman Robin Singer said: “Like the prior year, 2010 was one of continued market uncertainty and economic fragility which has impacted heavily on the performance of the majority of our core client base. Their revenues and activity levels have fallen, ensuring that the year has not been without challenge for CBG given the knock on effect on our supporting advisory business.
“Decisive actions have been undertaken in moving away from non-core business activities and marginally profitable areas and, whilst this has been detrimental to revenues, the return on capital employed has been enhanced. We have a clear plan to improve the fortunes of the business built upon the high level of client retention we maintain.
"We are passionate about customer service and strive for operational excellence across the breadth of our activities. Our management structure is focused upon a customer centric operation and we have continued to evolve the CBG brand successfully within a changing market.”
