Amvescap plc reported that it lost £172.99 million, or $399.6 million, in 2004, thanks largely to £249.7 million in exceptional items recorded in its income statement. Despite the loss, the firm’s Canadian division, AIM Trimark, performed well last year.

Profit before tax, goodwill amortization and exceptional items was flat year over year at £269.8 million, compared with £270.3 million in 2003. Overall revenues were also flat at £1,158.5 million in 2004, compared with £1,158.1 million in 2003.

“While many of Amvescap’s businesses around the world enjoyed great success during 2004, the market timing investigation held back our United States business for much of the year,” said Charles Brady, executive chairman. “Amvescap ended the year with a renewed focus on serving our clients and regaining business momentum.”

“Our company has taken strong measures to ensure that we always uphold the trust and confidence of those who have entrusted us with their assets,” added Brady. “As a leading investment manager in the world’s major financial markets, our improved operating efficiency across the company and a continuing reputation for outstanding client service provide a solid foundation for growing the business.”

While Amvescap’s overall results were weak, its Canadian business remains very strong. The AIM Canada business reported revenues of £174.4 million, or $402.9 million, during 2004 compared with £154.8 million for the prior year. Operating profits were £96.6-million, or $223.1 million, in 2004 compared with £77.6 million in 2003. This suggests that margins expanded to more than 55% from 50%.

The Amvescap group generated approximately US$5.3 billion of gross sales in 2004. Market gains were US$2.7 billion for the year. Funds under management amounted to US$34.6 billion at Dec. 31, 2004.