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SAM into the black

Article Date:  Jul 10 2007

Syndicate Asset Management (SAM) has turned a £905,000 annual loss into £2 million pre-tax profits, helped by acquisitions.

AIM-quoted SAM, a holding company for other fund management groups, lifted funds under management 260 per cent in the year to March to £5.4 billion and lifted revenues from £5.2 million to £28.6 million, helped by the acquisitions of Savoy Asset Management, EPIC Investment Partners and others, and the disposal of other interests. Chairman David Pinckney says growth by acquisition is likely to accelerate.

At 67.5p, SAM’s shares value the company at £88 million.

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