London-listed Ashcourt Rowan, the wealth management group, said it more than doubled its earnings before interest, tax, depreciation and amortisation to £1.9 million ($2.98 million) during the six months to the end of September, rising from £900,000 a year earlier.

London-listed Ashcourt Rowan, the wealth management group, said it more than doubled its earnings before interest, tax, depreciation and amortisation to £1.9 million ($2.98 million) during the six months to the end of September, rising from £900,000 a year earlier.

Discretionary and managed assets rose 40 per cent year-on-year to stand at £2.3 billion; this also represented a 19 per cent rise during the six-month period, it said in a statement today. AuM was boosted by the acquisition of UK Wealth Management Ltd from Duke Street General Partner Ltd and certain Duke Street funds. Total assets under management and influence stood at £5.3 billion, a rise from £4.0 billion in March this year.

Revenues rose to £19.9 million from £15.2 million in same period last year. Significantly higher recurring revenues more than offset a weak environment for dealing commissions, it said.

The UKWM integration and transaction costs stood at £1.5 million in the first-half period; these will be completed within cost guidance previously given (£2 million). There were other significant exceptional costs except for expensed revenue generator earn-in and earn-out costs.

There was, however, a loss after tax for continuing business reduced to £(0.7) million from £(2.4) million in the same period last year.

“The first half of our financial year has been another positive one of delivering on our objectives, driving our greater underlying profitability and building on the strong platform we have created over the last three years,” Jonathan Polin, group chief executive, said.

“As the group returns to profitability, the board recognises the importance of a dividend to ordinary shareholders and will look to review its position at year end in March 2015,” he added.