Vector trims operating costs

Listed network broker consolidator Vector Intermediaries Inc. (Cdnx:VTE) reported a moderate decline in consolidated revenues to $14.2 million for the 1999 financial year compared with $15.4 million for the year prior. This produced a bottom-line loss of $4.4 million, or 64c a share. A significant reduction in operating expenses of $777,437 did, however, boost the company’s net loss position to a more favorable position when compared with the loss of 115c a share disclosed at the 1998 yearend.

The directors attribute part of the poor revenue growth for the 1999 financial year to attention being turned to the proposed merger with rival consolidator, Canada Brokerlink (that deal fell through earlier this year).

President Gordon Campbell expects the current financial year’s figures will show a positive turnaround in revenue growth. The network consolidator will also be making an announcement around “mid-summer” which will have a significant impact on the future growth strategy of the company, he adds.