Plus Markets halves losses over first half amid cost cutting drive

STOCK exchange group Plus Markets yesterday said it had halved first-half losses since last year under a new management team, which has implemented a strict cost-cutting drive.

New chief executive Cyril Théret and chairman Giles Vardey aim to bring Plus into the black within two years via a streamlining process which includes almost halving staff numbers to 28 and reducing the cost base by 40 per cent.

Plus made a pre-tax loss of £2.48m over the six months to the end of June, 56.5 per cent lower than the £5.71m the group lost in the same period last year.

Vardey said market conditions remain challenging, particularly as there were few new listings. Twelve firms were admitted to the market over the period – flat on last year.