Cavanagh profits hit by RDR transition

Its interim results reveal this impact is already being felt with profits before tax of £202,000 from a revenue of £7.67m for the six months ending 30 June. This is down from £312,000 and £7.95m respectively for the same period in 2009. However, the firm's net debt has been slashed from £1.47m to £335,000, while the level of discretionary funds held by Cavanagh Asset Management has increased from £69m to £196m. Group chairman Paul Sinnett attributed the drop in profits to continuing uncertainty in the economic environment and the company's efforts to become RDR compliant. "It is cl...