Hong Kong financial services firm posts strong gains in H1 2013 as business restructuring efforts start delivering returns.

Hong Kong-based financial services group Quam Limited posted an increase in revenue for the six months to 30 September 2013 as business restructuring efforts start to bear fruit, according to its unaudited interim results. 

During the period, revenue reached HK$202 million ($26 million), from HK$157 million in the same period in 2012, reflecting a 28.9 per cent rise. After tax profit went up from HK$4.4 million to HK$14.23 million, helped by a rise in asset management revenue (from HK$3.6 million in 2012 to HK$17.2 million in 2013) and an increase in securities and futures revenue from HK$94.9 million to HK$124.3 million. 

As at the end of the period, total assets under management stood at $86.96 million, from $57.2 million in the previous year. 

Quam has completed the cost restructuring efforts that started in 2012, which aimed to streamline services and change the business model toward greater profitability. The firm said plans to divest non-core assets will continue this year. So far, Quam has disposed its entire stake in Seamico Securities and let go of its subsidiary within MAC group.

Quam's seven core businesses are Quam Securities, Quam Capital, Quam Asset Management, Quam Private Wealth, Quam Private Equity, Quamnet.com and Quam Investor Relations.