Durlacher, the UK technology investment bank and internet incubator, continues to suffer at the hands of the technology downturn, taking a £34.6m (€55.7m) hit on its investment portfolio for the year ended June 30, 2001.

The firm has made total pre-tax losses of £44.9m, including £17.1m in write-offs and £17.5m in provisions on its investment portfolio. For the same period last year, Durlacher made a profit of £12.2m.