Jelf raises more money as profits tumble
The broker has released a set of results that shows, perhaps more transparently than most, the difficulties of the consolidation model, raising questions over others' ambitions to float, writes Andrew Tjaardstra
Jelf's share price once soared at around 250p at the height of the boom, when it snapped up brokers, independent financial advisers and healthcare firms. Now, the recession and investors' changing attitudes towards debt mean that the broking group is struggling with a share price of around 40p. It posted a large operating loss of £9.7m for the year ending 31 October 2009, after spending £4.8m on reorganisation costs and £7.5m in managing goodwill impairment in its wealth management arm.
Tellingl
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