24th Sep 2018 10:45
LONDON (Alliance News) - Asset manager and advisor River & Mercantile Group PLC said on Monday it saw a positive performance in its recent financial year, in the face of "significant political changes, and increased economic and market volatility".
River & Mercantile's pretax profit for the year that ended June 30 rose 12% to GBP18.4 million from GBP16.4 million the year before, on revenue that grew by 9.0% to GBP74.8 million from GBP68.4 million the year before.
Fee-earning assets under management rose by 9.0% to GBP33.84 billion, from GBP31.05 billion the prior year, helped by net inflows of GBP2.12 billion, particularly from the Derivative Solutions and Equity Solutions divisions.
The group said it will pay a second interim dividend of 5.5 pence per share on top of the 7.6p already paid, as well as proposing a final dividend of 5.5p. This will take the total dividend for the year to 18.6p, down 5.6% from 19.7p the prior year.
"The last year has been marked by significant political changes, and increased economic and market volatility and it has certainly been a challenging one for investment managers. Against that backdrop, the group's performance in the past year has been positive. We continued to grow our net management and advisory fee revenue at more than 12%, although stronger growth in the first half of the year was tempered somewhat by the impact on assets following the dismissal of a portfolio manager," Chairman Jonathan Dawson.
Shares in River & Mercantile were down 1.3% at 325.73 pence on Monday.
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