Ashcourt Rowan plc, the wealth management group, yesterday announced its audited results for the 12 months ended 31 March 2011.
Operational highlights for period:
- Disposal of non-core assets in the institutional fund management area;
- Strategic focus placed exclusively on wealth management;
- Successful acquisition and integration of the former IFA network of Co-operative Bank Independent Financial Advisers Limited ("CIFA");
- Mobilisation of the Group's intermediary channel;
- Introduction of a performance-based culture;
- Launch of the new asset management proposition.
Financial highlights for period:
- Revenues in the Group's core wealth management business activities increased by 21% from £29.1 million in 2010 to £35.1 million in 2011;
- Funds under discretionary or managed advisory mandates within the wealth management business increased by 6% from £1.56 billion at 31 March 2010 to £1.66 billion at 31 March 2011;
- Funds under influence in the Group's financial planning business increased to £2.32 billion at the year end compared to £1.32 billion last year;
- Post period end, the momentum in top line growth in the core ongoing activities continued with revenue for the first quarter up by 16.6% on the same period last year;
- Exceptionals, one-offs and impairments of £16.8 million resulting in a total loss for the period of £16.8 million;
- 2010/2011 FSCS levy £825,000 compared to £71,000 for 2009/10.
Post Period Highlights:
- Rebranding of the Group as Ashcourt Rowan plc;
- Appointment of Kenneth "Buzz" West as non executive Interim Chairman and Jeremy Rance as Group Chief Operating Officer;
- Successful tender for the partnership relationship with Co-op Legal Services (CLS), one of the fastest-growing will writing and probate services in the country, to provide financial advice to their clients.
Buzz West, non executive Interim Chairman of Ashcourt Rowan, commented:
"As you will be aware, the period under review was one of significant transformation for the Group. We are now fully embarked on a programme of strengthening our Board and widening the distribution channels through which our services are delivered. Despite the wider economic uncertainty, we look to the future with confidence."