2nd Apr 2019 14:29
LONDON (Alliance News) - Wealth management group Kingswood Holdings Ltd said on Tuesday it is now in a position to obtain "sustained earnings growth" following a period of restructuring.
For 2018, Kingswood expects to report revenue and its gross profit margin in line with expectations. However pretax profit, both on an adjusted and reported basis is set to be below expectations, due to additional restructuring and investment costs.
For 2017, Kingswood reported a pretax loss of GBP6.0 million, on revenue of GBP10.0 million.
For 2019 to date, the company is trading in line with management expectations.
Kingswood said that following the formation of a new management team and organisation structure, it has initiated a new three-year growth plan at the start of 2019 to stimulate growth.
Business initiatives as part of the growth plan include the expansion of Kingswood's Wealth Planning business with the acquisition of Marchant McKechnie in the fourth quarter of 2018, and Thomas & Co in the first quarter of 2019.
There was also the signing of a cooperation agreement by Kingswood with real estate investment firm Moor Park Capital Partners LLP to expand the company's investment product offering to clients.
In addition, Kingswood has appointed Najib Cannan as US chief executive officer to foster the company's US expansion and investment distribution channels growth.
"Since Patrick Goulding and I have taken over day-to-day management control at the board's request earlier this year, we have now implemented the significant changes that were originally planned," said Chief Executive Officer Gary Wilder.
Shares in Kingswood were untraded on Tuesday, last quoted at 10.00 pence.
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