UK - ICG reports £67m loss

The figures represent a signficant decline on last year, when the group reported a profit of £230m.

The firm says that the decline is the result of an increase in provisions for defaulted loans, which stand at £103m and have pushed net provisions to £273m against just £46m in 2008.

As a result of the stark figures, ICG cut its final dividend for the year by 37% to 41 pence and has extended the repayment of about a quarter of its £450m debt to 2013.

Shares in the group jumped 22% to 560 pence, their highest level since January.

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