Syndicate Asset Management, the financial advisory and wealth management group that has been through a restructuring process to deal with its debt burden, said revenues for the 12 months to the end of March were £36 million (around $55.2 million), with revenue in the six months of that period at £18.9 million, up 10 per cent from the first half.

In unaudited results, the firm reported a gross profit of around £22.8 million for 2009/10, a 13 per cent increase over the first half of the year. Before one-off costs as noted above, adjusted earnings before interest, tax, depreciation and amortisation for 2009/10 is expected to be approximately £3.3 million, the firm said.

Syndicate Asset Management had about £5.8 billion of assets under management at the end of March.

The group, as previously announced, has incurred about £3.8 million of charges in the 12-month-to-end-March period from its restructuring moves.

Earlier this month, SAM – which owns Ashcourt Rowan and Savoy Investment Management - appointed Neil Hale as its new chief financial officer and a director of the company. Ashcourt Rowan is a wealth management business launched this January when Syndicate Asset Management merged three of its subsidiaries.