Elite Strategies edged ahead 15% to 0.46p on the acquisition of fellow IFA Croesus Financial Services for a maximum £278,000, though accompanying interim figures were a severe disappointment. Pre-tax profits fell away from £150,346 to £13,299 as turnover dipped to £369,623 (£420,865) - Tory MP and chairman Sir Brian Mawhinney blamed a dire six months to December in the financial services industry for the considerable slump in first half fortunes. He pointed to the effects of a collapsed stock market on demand for investment products and also said negative press surrounding pensions had slashed demand in that market too. Directors also passed the half time dividend. At the full year, Elite enjoyed a triumphant turnaround in its first year as a financial services group, with turnover hitting £1m and hefty losses (attributable to its internet music publishing origins) swinging to pre-tax profits that were 36% of turnover. The company was formerly an internet forum for unsigned recording artists, but sold off Musicunsigned's music and recording interests and acquired IFA Elite Strategies back in May 2001. Interim earnings per share eased to 0.002p (0.040p). Fundamentally this looks a good company, but you should avoid for now whilst its markets are in disarray.