Sesame, Pantheon profits dip £6m in 2009

Operating profits across the businesses totaled £4m against £10m in 2008, Friends announced today. It says trading conditions for its distribution businesses "remained challenging" in 2009 while the 2008 results benefitted from some one-off items. Nathan Moss, interim UK managing director of Sesame's parent company, Friends Provident, says the fall in profits is largely due to the Bankhall acquisition. "The fall in profits is largely presentation and reflects the acquisition of Bankhall last year.  Business was ahead of expectations in a tough trading environment and only marginal...