The new management team at Durlacher, the UK technology investment bank, has succeeded in stemming losses and getting the business back on a more even keel after its disastrous forays into high technology.

In the year to June 2002, losses before tax were down to £9.9m (€15.8m), from a £44.9m loss the previous year. Turnover for 2002 amounted to £7m, against £8.9m last year. The bank, worth more than a £2.47bn at the peak of the internet boom and now valued at just £5.3m, will not be paying a final dividend again this year.