Despite Cofunds having posted its second set of losses, its top executives are confident it has the systems and sales growth in place to be a success
It takes a lot of money to become a player in the UK funds supermarket industry, at least £100m if Cofunds' experience is anything to go by. Cofunds has recently published its second sets of results, a £23.8m loss for 2002 on top of the previous year's £32.7m loss as well as previous establishment costs. At first sight it looks bleak but the group is confident it has turned a corner and is on course to break even in 2006. After being heavily supported to the tune of £100m by its shareholders, Cofunds argues its cash-burn is going to begin falling dramatically and it now has the systems an...
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