Midas reports H1 loss but shows signs of recovery

Midas Capital today reports a loss for the first half of 2009 but says improving fund performance and a successful restructure of the business have put it in a good position for future growth.

The company saw a loss of £0.1m against first half profits last year of £1.8m, while revenue dropped from £15m to £12.6m. Funds under management fell 26% to £1.99bn over the same period. Midas first encountered difficulties after an ill-timed decision to purchase asset managers iimia and MitonOptimal last year at the height of the credit crunch, using both a share offer and bank borrowing. However, after restructuring with its creditors, the firm says it has managed to slow outflows and is beginning to see positive inflows in some areas of the business. Its wealth management division ...