Exeter's pre-tax profits for the year-ended 30 September 2002 have fallen 63% compared to last year,...
Exeter's pre-tax profits for the year-ended 30 September 2002 have fallen 63% compared to last year, down from £5.5m to £2m. Funds under management declined from £996m to £491m, which Exeter said was the result of stock market declines and the geared structures of its split capital trusts, which total 58% of its assets. As a result, while markets remain at these levels, it is predicted that an overall loss for the financial year is likely.
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