Cofunds profits slip to £2.3m in 2009

Profit after tax was £2.3m, compared to £6.3m in 2008, whilst net assets increased to £19m from £16.8m the previous year. Cofunds said the market downturn and a "big swing" in its long-term incentives plan accounted for the drop in post-tax profits. Finance director Mark Williams said the 2008 post-tax profit figure included income from its long-term incentives (LTI) plan of £3.6m, whereas LTI for last year was £2.2m. Therefore, he said, the figures for 2009 are more representative and reflect a "continuing growth story". Chief executive Brett Williams pointed to the "huge inflo...