Cazenove's benchmark

30 June 2004 By Chris Hughes

But this was in a rebound year for the capital markets. And Caz s return on equity remains unsatisfactory. Caz says it s benchmarking specific takeover proposals against staying independent. It needs to raise the bar.

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Cazenove, the UK investment bank, reported profits before tax and exceptional items of £42m in the year to 30 April, up from £14m in the prior year.

Total revenues were up 18% at £251m, including investment banking revenues of £210m, up 18%, and fund management revenues of £41m, up 15%.

A special provision of £25m to address the firm's pension scheme deficit helped push the firm to a retained loss of £3.3m.

We are evaluating outline proposals which we have received from other firms. These are all being benchmarked against our existing strategy of remaining independent and no action will be taken unless the board concludes that a transaction is clearly in the best interests of our clients, employees and shareholders, the firm said.

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