Investments erode 2011 margins at Price Forbes
Operating margins at independent London market broker Price Forbes ticked down from 9.4 percent to 8.4 percent in the 12 months to 31 December 2011 as investment in staff and the competitive trading conditions took their toll.
Operating profits slipped from £3.82mn to £3.60mn as expenses - inflated by more than £2mn of investment costs - outstripped robust top-line growth.
Turnover climbed by 6.4 percent to £43.1mn, cementing Price Forbes' position as one of the half-dozen biggest independent London brokers...
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