3rd Jul 2018 10:53
LONDON (Alliance News) - Harwood Wealth Management Group PLC on Tuesday saw a sharp rise in first half profit and revenue on the back of acquisitions.
For the six months to the end of April, the wealth manager's pretax profit rose to GBP932,000 from GBP330,000 the year before, on revenue of GBP15.1 million and GBP10.5 million, respectively.
Assets under influence increased by 30% to GBP4.30 billion from GBP3.30 billion, of which organic growth and asset market price movements accounted for 63% of the growth during the period.
Assets under management doubled to GBP1.6 billion from GBP819.0 million, delivered primarily through the company's strategy of "acquiring client portfolios and providing suitable investment solutions that meet each individual client's needs".
Harwood declared an interim dividend of 1.08 pence per share, up from 1.00p the year before.
"The first half of the year has seen substantial progress, with the group delivering profitable growth across all its divisions, achieved in line with our clear growth strategy. Harwood completed nine acquisitions in the period, many of which were on a larger scale than those executed in previous years," said Chairman Peter Mann.
"The group's growth strategy remains appropriate to the market place we serve today, as demonstrated by the strong results achieved thus far and continued momentum into the second half. With strong visibility on revenues and an excellent pipeline of acquisition opportunities available to us, we look forward to the remainder of the year and beyond with confidence," Mann added.
Shares in Harwood Wealth Management Group were up 1.2% at 167.00 pence on Tuesday.
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