ARP Ashcourt Rowan

TIDMARP

RNS Number : 9658K

Ashcourt Rowan PLC

26 July 2011

For immediate release: 0700hrs, Tuesday 26 July 2011

Ashcourt Rowan plc

("Ashcourt Rowan", "the Company" or the "Group")

Q1 Trading Update

Ashcourt Rowan Plc (AIM: ARP), the wealth management group, is pleased to provide a trading update for the first quarter of the current financial year for its core ongoing wealth management activities following the completion of the Group's strategic review in January 2011 and the disposal of its institutional fund management activities announced in February 2011.

For the first quarter of the current financial year (1(st) May-30 June 2011), the directors are pleased to report that like-for-like turnover in its wealth management operations has improved 16.6% over the same period last year with the Group's flagship Ashcourt Rowan wealth management division recording a 24.4% increase in turnover when compared to the same period last year.

The Board is also pleased to report that the Group has experienced a significant growth in revenues in its Financial Planning activity - up 67.6% over the same period last year - following the successful integration of the Co-Op Independent Financial Advisers business which was acquired in October 2010.

In a related move, the Company has also committed significant resource during the first quarter to increasing its presence in the Intermediary Channel. As a result of its modular approach to delivering asset management services, the Group believes it is strongly positioned to provide turn-key solutions to independent financial advisers needing to restructure their fund management business models as a result of the Retail Distribution Review.

During the period Ashcourt Rowan has also continued to expand its geographic reach in the North of England with the opening of its first office in Newcastle. The Group now has nineteen offices across the country compared to seventeen this time last year.

Early indications also suggest the first quarter's performance has continued into July.

Mark Cheshire, Group CEO, commented:

"We are deeply encouraged by the strong progress being made within our core Ashcourt Rowan branded activity. This is a direct result of the change programme we have implemented across the Ashcourt Rowan business over the last 18 months which has allowed us to transition rapidly to a performance based culture where quality of service and financial performance are now properly aligned. We have now created and are continuing to grow a highly motivated Ashcourt Rowan team who have fully bought into the vision the Board has for the Group in the mass affluent market-place.

"We now look forward to seeing the same benefits starting to flow within the Savoy brand as a result of the programmes now being introduced into that part of the business."

Ashcourt Rowan plans to announce it final results for the year ended 31 March 2011 the week commencing 8(th) August 2011.

-Ends-

For further information please contact:

Ashcourt Rowan plc

Mark Cheshire (Group CEO) Tel: 020 7871 7350

Cenkos Securities plc

Stephen Keys (NOMAD)/Julian Morse (Sales) Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 3103 3903/3902

This information is provided by RNS

The company news service from the London Stock Exchange

END

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