ASHCOURT ROWAN PLC Commenting, Jonathan Polin, group chief executive officer, said:
"This was a year of significant progress for the group. During the period the group made two acquisitions - the discretionary wealth management business of Generali Portfolio Management (UK) Limited and UK Wealth Management from Duke Street Capital. The acquisition of UKWM, completed after year end, adds scale to our existing financial planning business and provides us with a corporate pensions business that is established for growth, leaving us well-placed to exploit the de-annuitisation of UK pensions as announced in the Budget and reaffirms our desire to concentrate on the pre- and post-retirement markets.
"We have delivered on the objectives to grow underlying profitability, increase assets under management and deliver acquisitions. We have a clear and well defined strategy from which I am confident we can grow the business and create value."
Operational and financial highlights
- Delivering growth in underlying EBITDA* profitability: £3.8 million achieved during the year, a 37% increase on £2.8 million last year. Second half underlying EBITDA* of £2.9 million.
- Underlying EBITDA margin for full year at 12% (H2: 18%) up from 8% last year.
- Delivered positive cash flow from operations (after exceptionals) at £0.7 million in H2.
- Total funds under management and influence at £4 billion, of which £1.9 billion discretionary or managed (18% year-on-year growth), including the acquisition of the Generali Portfolio Management (UK) Limited business.
- Cost discipline continues, with overall underlying* cost base reduced by 7% during the year.
- Very solid balance sheet position: no debt and cash at £21.4 million at year end, reflecting proceeds from shareholder placing.
- Adjusted Profit before Tax*** of £3.2 million for the year.
- Profit before Tax of £0.5 million in H2 (H2 2013: £1.2 million loss). On a full year basis, Loss before Tax reduced to £2 million from £2.5 million, reflecting last instalment of Change Management Programme exceptionals, now completed, in addition to acquisition related expenses, amortisation and depreciation.
- Integration of discretionary investment management on outsourced Figaro platform completed during the year, allowing to more confidently add new assets and teams.
- Acquisition of UKWM agreed in December 2013 and completed after year end. As a result, March 2014 pro-forma funds under management and influence of £5.2 billion, of which £2.2 billion were discretionary or managed assets.
Financial statistics - continuing operations
(£ million unless specified)
Full year 31 March 2014 | Full year 31 March 2013 | Six months ended 31 March 2014 | Six months ended 30 Sept 2013 | |
Total funds under management and influence | £4.0 billion | £3.7 billion | £4.0 billion | £3.7 billion |
Discretionary assets under management | £1.9 billion | £1.6 billion | £1.9 billion | £1.6 billion |
Revenue | 31.5 | 32.6 | 16.3 | 15.2 |
Underlying EBITDA* | 3.78 | 2.76 | 2.91 | 0.87 |
EBITDA after exceptionals** | 0.0 | (0.3) | 1.5 | (1.5) |
Profit (loss)before tax | (2.0) | (2.5) | 0.5 | (2.5) |
EPS (continuing operations - pence per share) | (5.70) p | (8.74) p | 4.28p | (8.82) p |
Underlying EBITDA margin | 12% | 8% | 18% | 6% |
* before interest, tax, depreciation, amortisation, impairments, exceptional, earn-in and earn-out payments and share-based payment costs.
** before interest, tax, depreciation, amortisation, impairments, earn-in and earn-out payments and share-based payment costs.
*** PBT adjusted for exceptional costs, accelerated depreciation of decommissioned systems, amortisation of acquired client intangibles, earn-in/earn-out payments and GSOP P&L charge
Nature of announcement
This Annual Results Release was approved by the directors on 1 July 2014.
The financial information set out in this Annual Results Release does not constitute the company's statutory accounts for 2014 or 2013. Statutory accounts for the years ended 31 March 2014 and 31 March 2013 have been reported on by the Independent Auditor. The Independent Auditor's Reports on the Annual Report and Financial Statements for 2014 and 2013 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the year ended 31 March 2013 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 March 2014 will be delivered to the Registrar following the Company's annual general meeting.
For the full announcement, click here.
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About Ashcourt Rowan plc
Ashcourt Rowan plc provides a range of expert, integrated wealth management and employee benefits consultancy services for individuals, families, charities and trusts, business owners and employers.
Its financial planners, investment managers and consultants deliver services to clients on a face-to-face basis nationally, supported by dedicated technical departments in London and Leeds.
Headquartered in the City of London, Ashcourt Rowan has offices in Bath, Bournemouth, Brighton, Cambridge, Chelmsford, Exeter, Leeds, Macclesfield, Maidstone, Manchester, Pontefract, Rugby, Salisbury, St Andrews, Winchester and York.
www.ashcourtrowan.com
For further information please contact:
Maitland
Marina Burton/ Daniel Yea
Tel: 020 7379 5151
Email: ashcourtrowan@maitland.co.uk
Ashcourt Rowan
Katy Moore, marketing manager - communications
Tel: 020 7871 7252
Email: katymoore@ashcourtrowan.com
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