Ashcourt Rowan PLC Trading update and notice of results (2633G)
06 5월 2014 - 3:03PM
UK Regulatory
TIDMARP
RNS Number : 2633G
Ashcourt Rowan PLC
06 May 2014
ASHCOURT ROWAN PLC
6 May 2014
Trading update and notice of results
Ashcourt Rowan Plc (AIM: ARP.L) the UK wealth management group,
announces a trading update for the 12 months ending 31 March 2014
and notice of results.
Year ending 31 March 2014
Significant progress has been made during the year, and in
particular in the second half, to return the company to asset
growth, improve the quality of underlying revenue while maintaining
control over the cost base, which now reflects the scale of the
underlying business.
As at 31 March 2014 total assets under management and influence
amounted to GBP3.9 billion. Out of those, discretionary and managed
assets have increased to GBP1.9 billion from GBP1.6 billion in
March 2013 and September 2013 (an increase of 17% including assets
acquired from Generali Portfolio Management (UK) Limited).
Revenues in the second half of the financial year were GBP16.4
million compared with GBP15.2 million in the first half. Revenues
for the financial year ended 31 March 2014 were GBP31.6 million
compared with GBP32.6 million for the previous year, affected by
the full year impact of planned exits during the second half of
last financial year and the first half of this financial year as
previously flagged.
Underlying EBITDA for the financial year ended 31 March 2014 is
expected to be GBP3.8 million growing 36% from GBP2.8 million last
year and from GBP0.9 million in the six months to September 2013,
reflecting a good second half to the financial year.
Acquisitions update
The discretionary management business acquisition from Generali
Portfolio Management (UK) Limited completed in January 2014 has now
been integrated.
The acquisition of UKWM completed on 4 April 2014 and is now
being integrated. The acquisition adds over GBP1.3 billion in total
assets under management and influence of which GBP0.3 billion is
discretionary assets. Including these assets, the total assets
under management and influence increase to GBP5.2 billion, of which
GBP2.2 billion is discretionary or managed. Annualised cost
synergies of approximately GBP2.25 million are expected to be
achieved by December 2014.
Notice of preliminary results
The Company intends to announce consolidated audited results for
the year ended 31 March 2014 on Wednesday 2 July 2014.
For further information please contact:
Jonathan Polin, Group CEO Ashcourt Rowan plc
Alfio Tagliabue, Group CFO www.ashcourtrowan.com +44 (0) 20 7871 7373
Guy Wiehahn
Harry Florry Peel Hunt LLP (Nominated adviser and broker) +44 (0) 20 7418 8900
Notes:
Underlying EBITDA is defined as profit before interest, tax,
depreciation, amortisation, impairments, exceptionals and share
based payment costs. Revenue figures are based on continuing
business to aid comparison.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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