Davenham has reported that it is still making a loss

In a trading update for its financial year ended 30 June 2009, the company said it has continued to incur significant operating losses principally due to the impairment of its property loan book arising from further deterioration in the property sector. In addition, Davenham has incurred exceptional costs relating to the restructuring of its activities, the cost of refinancing its banking facilities and the “mark-to-market”” charge in relation to hedging