Woodford triples profits to £35m

Neil WoodfordWoodford Investment Management has reported its yearly profits have tripled to £35.4m from £12m as of 31 March, in the second year after the firm launched.

According to accounts from Companies House, the boutique asset manager had total revenue of £58.3m as of 31 March, up from £27.4m a year ago, mostly due to management fees, the reports say.

Total operating expenses were £21.6m for the period, an increase from £14.7 year-on-year. Other expenses, including £395,000 on travel and entertainment, amounted to £9.5m.

Fund manager and founder Neil Woodford received £7.2m while the firm’s chief executive Craig Newman received the remaining £3.8m of the total £11m profit for discretionary distribution, the firm says.

Elsewhere, wages and salaries were £8.8m and up from £6.7m last year, while total personnel expenses increased to £11.9m from £8.3m.