Rise in PII costs hits Tenet bottom line

The £1.59m loss for the 12 months to 30 September came from revenues of £79m, compared to a profit of £0.38m from £76.3m turnover the previous year. Sinfonia, launched in 2008, recorded operating losses of £1.3m, compared to £1.38m in 2009, while the group also had to write down the goodwill valuation attributed to Premier Partnerships by £0.74m. Although it recorded a pre-tax profit of £0.38m, up from £0.3m in 2009, the group's subsidiary PII arm, Paragon, added £0.6m in costs due to the impact of stock market volatility on the value of claims reserved and settled. Simon Hudson, c...