Park Row cost-cutting restricts 2008 loss to £5.8m

The distribution arm of Royal Liver Group suffered an operating loss of £5.8m last year, but it says combined branch and central costs were reduced from £11.2m in 2007 to £7.9m last year, saving £3.3m. In its annual results to 31 December 2008, the mutual society says a marked drop in demand for financial advice contributed to the loss. It says had turnover held up at or close to 2007 levels, the group would have been able to report a "healthy" operating profit. Branch costs fell from £4.1m in 2007 to £2.1m in 2008, it says, while central costs fell from £7.1m to £5.8m over the same p...