Dolmen reports losses of €2.49m

Dolmen Stockbrokers made a pre-tax loss of just under €2.5m in 2010, accounts just lodged with the Companies Office show, but the firm expects its 2011 accounts to show a return to profitability.

While the Dublin-headquartered stockbroking firm actually managed to lower its operating losses, by 35%, to €1.66m from €2.54m, once-off costs relating to a restructuring of the business, along with various other charges resulted in the €2.49m pre-tax loss. This was up from a pre-tax loss of €2.4m in 2009.

Dolmen’s management has attributed the 2010 loss to the difficult trading conditions experienced in global markets. Total depreciation, amortisation and other charges amounted to €1.23m in 2010 and the company made an EBITDA loss of €1.26m, down from €1.54m a year earlier, due to costs relating to various asset writedowns and the exit from a number of unprofitable business initiatives.