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Gresham House adjusted profits jump as assets under management swell

By BFN News | 02:33 PM | Monday 16 September, 2019


Alternative asset manager Gresham House booked a first-half loss, though its underlying performance was boosted by a rise in assets under management. Pre-tax operating losses for the six months through June amounted to £0.80m, compared to losses of £0.38m on-year. Total income tripled to £15.3m, as assets under management grew 8.1% to £2.45bn. Adjusted operating profit, which stripped out amortisation, depreciation and exceptional items relating to acquisition and restructuring costs, rose to £4.4m, up from £0.4m. The company paid a maiden dividend under a new management team of 3.0p per share. 'Our focus on alternative asset management remains increasingly of interest as allocations to these areas continue to build,' chief executive Tony Dalwood said. 'Trading in the first half of 2019 has been in line with our expectations and we feel well positioned for the remaining part of the year.' 'We have made significant progress developing our platform, including enhanced capability within sales and distribution, in order to scale in the future whilst looking at international opportunities in a post-Brexit world.' At 2:33pm: (LON:GHE) Gresham House Plc share price was +15p at 562.5p Story provided by StockMarketWire.com

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