Shooting gets bird at Durlacher
20 November 2004
NOTHING is being spared in the drive to cut costs at stockbroker Durlacher - not even shooting rights. The firm has saved itself and the nation's game birds by ruling out shooting parties costing £10,000 a time.
This follows the departure of chief executive Christopher Stainforth and some of the high-profile, high-cost executives he hired to expand the group. Though he is credited with beginning its recovery, he left abruptly seven weeks ago after big investors blew the whistle on costs.
Corporate financier Simon Hirst, who took over, has trimmed nearly £1.5m off overheads, axing costly consultants and closing loss-making operations.
All this is aiding a sharp recovery at Durlacher, whose shares have fallen to 74p. Last month's profit warning has been reversed by successful floats.
There are exceptional costs to come but the group is reckoned to have £6m cash, nearly half its £14m market value.
Cornerstone Progressive Return Fund stock quotes
Cornerstone Progressive Return Fund stock charts
Follow this thread
