AWD predicts €30m losses for UK operations

AWD Chase de Vere’s German parent AWD has predicted €30 (£26.8) million of losses for its UK operations last year, of which the national adviser is a majority player.

In its shareholder results, published in Germany, the group posted forecast results for its British operations, predicting turnover had dropped to €63 (£56.2) million from €94.2 (£83.9) million in 2007.

Commission earnings were also predicted to fall to €60.6 (£54.1) million from €89 (£79.5) million in 2007 and net results of turnover to €35.9 (£32.0) million from €48.8 million in 2007.

The figures showed modest forecasts for 2009, with turnover expected to be less again, at €62.3 (£55.6) million and commission expected to marginally increase to €61.6 (£55.0) million.

Mike Kirsch (pictured), group chief executive of AWD Chase de Vere, was not familiar with the report, but said the losses came ‘in line with everything that was announced in November’.

There has been ongoing speculation about the future of AWD in the UK, with Towry Law rumoured to have made a play for the national IFA - both parties denied this.