Oval's profits and revenue down for 2009/2010 financial year
In the financial year ending 31 May 2010, broker Oval today revealed its revenue reduced by 8% from £104.6m in 2009 to £96.0m in 2010.
This was largely a reflection of the impact of the recession on Oval's client base, the firm said.
Oval said the reduction in income was mitigated in large part by cost savings, such that EBITDAE reduced by 12% from £18.7m in 2009 to £16.5m in 2010. EBITDAE margin was down slightly at 17% (2009: 18%).
These operating results, after £9.4m goodwill and other amortisation and £3.7 million of exceptional restructuring costs, give a loss before tax of £3.5m.
Oval added its senior net debt has fallen
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