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20 Mar, 2008

Colin Rutherford, the new chairman of Midas Capital, formed from the merger of Midas and iimia MitonCapital this month, says the enlarged fund management group is well positioned for a difficult year.

The group, which now has funds under management of £2.8 billion, overcame market turbulence in the second half of 2007 to deliver profits before tax of £2.3 million on turnover of £13.4 million last year. Adjusted profit on contiuning operations which includes other operating inomce but is before tax and exceptional items dipped to £2.8 million from £3 million.

Rutherford said: 'The market in 2008 looks set to pose challenges however, I believe that our fund management division is now well placed to become one of the leadin players in the multi-asset management sector.'

Midas Capital shares are unchanged at 166p.

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