ICG is rocked by its first loss in 20 years

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The specialist finance house posted losses of £67 million in the year to 31 March against profits of £230 million the previous year and slashed its dividend by 37% to 41p a share.

Chairman John Manser said: "While we were certainly as bearish as anyone else in the run-up to the bursting of the credit bubble, we did not anticipate the severity of the impact on financial markets."

ICG, whose investments include airports owner BAA and bingo halls group Gala, made provisions for bad debts of £273 million last year, up from £46 million the year before.

Managing director Tom Attwood said a number of investments deteriorated sharply as the credit markets "moved from bad to dreadful, very much worse than anyone could have anticipated".

But he said he expected provisions to be lower this year and the shares, which were trading at 1595p a year ago, rose 743⁄4p to 535p today.

ICG halved its exposure in the UK in the build-up to the credit crunch and turned its back on other weak markets.

"We backed off the UK because we were worried about the economy," said Attwood.

"It feels a bit better now but we think this will take a very long time to sort out."