AWD Chase de Vere has reported reduced earnings for Q1, blaming the increasing cost of regulation.
The company saw its turnover in the UK increase by 12.7% on the same period in 2010 to £10.5m. However, its earnings before interest and tax (EBIT) were down from £1.2m to £1m, largely as a result of the FSCS interim levy. The figures were revealed in parent company AWD Holding's results, which show overall EBIT of €9.5m, down from €9.8m, and turnover of €135.1m, up from €134m. The parent company expressed satisfaction with its UK arm's results, describing them as ‘pleasant'. Stephen Kavanagh, chief executive of AWD Chase de Vere, said: "These results are a pleasing reflection o...
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