Singer & Friedlander, the UK-listed asset management and investment banking group, has reiterated that it wants to sell its 31% stake in stockbroking firm Carnegie while disclosing that group operating profits slumped from £39.4m (€36.1m) to £18.7m in the half year to June.

Singer became free to sell the Carnegie stake in April, in the wake of the firm's recent stock market spin-off. Pending clarification from the Inland Revenue, Singer said it has been advised that the sale will be exempt from capital gains tax, and aims to push it through in due course if this turns out to be the case.