18th Sep 2014 10:26
LONDON (Alliance News) - European Wealth Group Ltd Thursday said it is on course to report positive earnings before interest, tax, depreciation and amortisation, excluding the one-off costs of the acquisition of the outstanding 52% of European Wealth Management Group in May.
In a statement, the group said its two operating divisions, European Investment Management and European Financial Planning, both performed in line with expectations during the first-half of its financial year.
Total funds under management and advice rose by about 24% to GBP820.0 million between December 31, 2013 and September 1, the group said, getting closer to the short-term target of exceeding GBP1.0 billion.
The wealth management group said it it made a GBP330,313 pretax profit in the six months ended June 30, compared with a GBP116,245 pretax loss in the corresponding period last year. Revenue increased to GBP1.9 million, of which GBP1.09 million was due to the consolidation of European Wealth as of May 7, from GBP5,686 in the first-half of last year. Most of the remainder of the revenue increase was due to the uplift on European Wealth Group's investment in European Wealth, which was recognised on acquisition. This helped to drive the swing to pretax profit, the company said.
Administrative expenses increased to GBP1.6 million from GBP176,516.
The comparative figures that in the report are for European Wealth Group Ltd prior to the reverse takeover, said the company.
The group's shares were Thursday untraded, quoted at 97.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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