LORD Hollick's money-broking and media group MAI, whose #292m

acquisition of Anglia Television was at the centre of the Lord Archer

share dealings inquiry, disappointed the market yesterday with its

annual results to June 30 despite reporting strong growth in all

businesses.

The focus for dissatisfaction was an exceptional write-off of #16.8m

on the sale of poor performer Safeguard Insurance Services which meant

that profits before tax were restricted to #87.9m, up from #80.2m.

However, after stripping out exceptionals, profits ahead of tax and

interest advanced 21% to #96.7m on turnover 34% ahead at #709.7m

The dividend total is hoisted 13% to 7.8p with a final of 5.8p on

earnings per share up 16% to 18.4p.

None of which was enough to stop the shares slipping 23p to 255[1/2]p.

MAI said that in active financial markets the money and securities

business achieved an overall profit of #61.2m, an increase of 9%.

Volumes in the securities-broking markets, which were particularly

active in the first half of the year, slowed after the US interest rate

increase in February.

By contrast, money-broking volumes rose as the year progressed. The

strong cash flow generated by the broking businesses continues to

finance MAI's high level of investment in technology, training, product

development and increased geographic coverage.

Another plus for the group was Wagon Finance where good growth in car

sales and a reduction in the level of bad debts lifted profits by 24% to

#11.4m

The introduction of insurance products over the last few years has

significantly increased non-lending income.

There was a good showing, too, from the information division as

economic growth at home and in the US boosted demand and profits soared

35% to #10.8m.

In television, Anglia, which was acquired in March, contributed #5m

out of a total of #8.7m with the remainder coming from Meridian.

Investment plans for MAI for the current year total #56m. At the end

of June, the group had net cash and liquid investments of #31.7m and

other investments, including properties, of #124.3m.

This strength, along with the company's high cash flow, will support

the planned expansion of its financial services, information,

broadcasting and programme production businesses.

Chairman Sir James McKinnon commented: ''With volumes in the financial

markets remaining below the exceptional levels achieved in the months

preceding the tightening in February of US interest rates, the emphasis

in the current trading period is on gaining market share and controlling

costs.

''The outlook for television advertising, motor car finance, and

information sales is encouraging.''