Bramdean Group, the fund manager run by star manager Nicola Horlick, cut its net losses from £5.7m (€8.2m) to £3.2m in the year to this March, according to documents newly filed at Companies House, but "material uncertainty" still exists over its future, according to its auditors.

The improvement results from a rise in fee income from £55,000 to £278,000 and a cut in operating expenses from £3.6m to £2.2m following staff departures. Remuneration has fallen from £2.2m to £1m.