Financial statements from Cofunds highlight various difficulties facing its business model

The full picture of Cofunds set-up costs, first-year losses and scale of the problems it faces were ...

The full picture of Cofunds set-up costs, first-year losses and scale of the problems it faces were revealed in financial statements published last week. The statements posted at Companies House in London reveals Cofunds posted pre-tax losses of just over £32m in the year ended 31 December 2001 and warns of more to follow. The parent companies of Cofunds, Prudential, Commerzbank, Zurich and Gartmore's parent Nationwide Financial Services, have undertaken to continue backing the business but auditors PriceWaterhouseCoopers acknowledge there is continued 'fundamental uncertainty' about t...