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Durlacher warns of major losses

Turbulent tech market continues to make holes in company's pocket...

By Suzanna Kerridge

Published: 11 July 2001 11:49 BST

Technology investment bank Durlacher warned the City of London yesterday that it will report substantial losses for the financial year ending June.

Blaming the current downturn in the market, the company said it had been forced to revise the terms of a recent bond issue due to "challenging" market conditions.

The company also said it would consider further write-downs against the cost of its portfolio. Durlacher said decreased levels of investment in the venture capital sector have inevitably impacted on the company's investment portfolio in the short term.

Conditions in the technology market have worsened over the past few months, said Durlacher in a statement, as a result the company made a loss in the second half and will continue to trade negatively until the end of the year.

For related news, see
Exclusive: Durlacher dumps quarterly investment report
http://www.silicon.com/a41964
Vodafone's breezy voice predictions damned by Durlacher
http://www.silicon.com/a43151
Durlacher founder abandons ship
http://www.silicon.com/a41772
Durlacher writes off £13m
http://www.silicon.com/a41615

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