Wealth manager Ashcourt Rowan has posted a £2.5m loss as the group continues with its restructuring programme.
Over the year to 31 March 2013, the firm’s loss before tax reached remained constant at £2.5m – with Ashcourt Rowan citing investments in its change management programme, restructuring costs and accelerated depreciation of legacy systems being decommissioned.
However, the company’s earnings before interest, tax, debt and amortisation reached £2.8m, up from the £300,000 it posted one year earlier.
Ashcourt Rowan chief executive Jonathan Polin says: “We have returned the company to solid underlying profitability with cost reduction targets achieved ahead of schedule and significant improvement in our operating margins in the second half.”
The group’s preliminary audited full-year results also show total funds under management and influence stood at £3.7bn as of 31 March, of which £1.6bn was discretionary or managed.
Ashcourt Rowan also says its cost reduction targets have been met and exceeded “faster than expected”, while it has completed the integration of core asset management businesses and integrated its discretionary investment management on a single outsourced platform.
The firm has also made several board and senior management hires, including former Towry senior client partner Gaius Jones as head of financial planning, Brewin Dolphin investment manager Harry Burnham as investment director and Hugh Ward as non-executive chairman.
Polin adds: “We have readied the business for future growth by completing the move to a single, scalable operating platform and refocusing on core activities.
“We have a clear strategy to position the business as a premier provider to the growing UK mass affluent market of integrated financial planning and investment management services to meet the wealth management and pension needs of private clients, charities and corporates.”