European financial services group Eureko, the parent company of Friends First swung back to profit in 2003, as financial markets improved and cost cuts took effect.
The Dutch-based group said that a planned flotation of its British-based F&C Management asset management operation could take place later in 2004 and would be a precursor to its own initial public offering .
Eureko posted a 2003 net profit of €243 million up from a loss of €573.7 million in 2002. It put the improvement down to cost cuts and better performance from its non-life and health divisions as well as rebounding financial markets.