River and Mercantile has seen profits take a hit following the group’s flotation early this year.
Pre-tax profits for the overall group fell to £11,000 over the first six months of 2014, according to the group’s first interim results released to the London Stock exchange today following its IPO in late June 2014.
R&M recorded a pre-tax profit of £7.8m over the whole of 2013.
The drop in profits is attributed to expenses totalling £4.6m for the group’s IPO as well as £1.09m incurred during the acquisition of River and Mercantile Asset Management.
However assets under management at the group increased by 29 per cent during the first half of this year to reach £18.1bn.
Revenues at the group totalled £20.2m over the period compared to £30.6m for the whole of 2013.
River and Mercantile chairman Paul Bradshaw says: Whilst undergoing the challenges and distractions of a merger and listing, we were still able to report total mandates in transition as at 30 June of £854 million. I believe that speaks volumes for the application and commitment of our whole team as well as, of course, the fundamental attraction of our proposition to our clients.