Takeovers pay off as profits rise at Sesame Bankhall
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Sesame Bankhall generated operating profits of £5m in 2010, compared with £3m in 2009, the results of its parent group Resolution have revealed.
The figure reflects the combined profits of Sesame and the two firms it acquired in 2009, Bankhall and PMS. Resolution says Sesame successfully completed the inte-gration of these businesses in the first half of 2010 and the £5m result is after charging £1m of one-off integration costs related to the consolidation of offices.
Mike Biggs, chairman of Resolution, says: “Last year was an important one for the company. The acquisitions we have made and the clear strategic plans we are implementing underpin the board’s confidence that the project will deliver its targeted mid-teens returns.”
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