Year-end results reveal Ashcourt Rowan ‘rebirth’
Ashcourt Rowan, the UK wealth management group, is moving towards a successful turnaround its business, after reporting a significant cut in pre-tax losses and an increase in revenues.
Its results for the year ended 31 March 2012 reported a cut in losses from £5.75m (€7.25m) to £2.32m, and an increase in revenue from £35.1m to £36.4m.
The restructuring puts Ashcourt Rowan on course to achieve its stated aim of becoming an integrated wealth management business. The year-end results show:
– Full year Ebitda of £450,000, reversing the loss of £180,000 of the previous year;
– Revenue growth up 4% y-o-y to £36.4m;
– Total assets under management and influence £4.1bn on a restated basis;
– Discretionary assets under management of £1.6bn with positive net flows;
– On track cost savings with run rate already reduced by £4.1m per annum;
– No material debt and net tangible assets of £11.5m of which £9.1m cash; and
– Migration from revenue to profit share-based remuneration.
Jonathan Polin, group chief executive (pictured), said: “In transforming our business, we have moved with pace, determination and passion to create a leading integrated wealth management business. I am pleased that we have delivered on our target to deliver positive underlying EBITDA for the year, I look forward to reporting further progress in the near future.”
Ashcourt Rowan has made three significant appointments, boosting its management team, with prospects of further hires. Jim Roberts, the founder of Skandia UK, became non-executive chairman of the financial planning division; the former head of Invesco UK Hugh Ward joined the board; and David Esfandi, formerly of Deutsche Bank and Goldman Sachs, took over as managing director of the asset management division in January this year.