The British Bloodstock Agency, a regular buyer at the leading sales across the United States, reported an operating deficit of $870,000 for the financial year ending September 30.The company also has plans to change its name to Newmarket Investments PLC,

although the bloodstock business will remain known as the BBA.

The deficit was an increase of $328,000 on the previous six-month session in 2000 and follows a difficult six months for the business, which featured the disposal of its Irish division and insurance business, plus a spree of departures among experienced agents and board members.

The BBA traditionally performs better in the second half of its financial year, which coincides with the autumn sales season.

"Last year we had the insurance business, which is not seasonal, to offset that, but (the insurance business) has been sold," said Simon Hayes, BBA chief executive. "There were also costs of the agents…who have left but were not bringing in any revenue at the time."

The total loss for the six months was $2.51-million, which included a charge of $2-million

in respect of goodwill on disposed businesses.—Tony Smurthwaite