Sesame, Pantheon profits dip £6m in 2009

Profits at Sesame Bankhall Group and Pantheon Financial, Friends Provident's UK distribution businesses, fell by £6m last year compared with 2008.

Operating profits across the businesses totaled £4m against £10m in 2008, Friends announced today.

It says trading conditions for its distribution businesses "remained challenging" in 2009 while the 2008 results benefitted from some one-off items.

Nathan Moss, interim UK managing director of Sesame's parent company, Friends Provident, says the fall in profits is largely due to the Bankhall acquisition.

"The fall in profits is largely presentation and reflects the acquisition of Bankhall last year.  Business was ahead of expectations in a tough trading environment and only marginally below 2008.

The results suggest a positive showing in the second half of the year, however. Earlier in 2009, Sesame announced it had lost £1m in the first half of the year compared to a £2m profit in H1 2008.

Pantheon Financial also saw a drop in profits in the first half of 2009, from £2m in H1 2008 to £1m in the first six months of last year.

In October 2009, Sesame completed the acquisition of the Bankhall Group to form Sesame Bankhall. It now represents the UK‟s largest approved representative business, directly regulated service business and mortgage advisor services provider.

Ivan Martin is group executive chairman.