From Guernsey Press

Investment manager Ravenscroft has seen its interim pre-tax profits more than double on last year.

The locally-owned business recorded profits up by 117% at £1.22m. at the end of June, compared with £560,000 at the same point in 2014.

It also saw revenues climb by 25% to £5.67m. and broke through £2bn of assets under administration with a 42% rise to £2.06bn.

‘To achieve such a milestone is a great way of celebrating our 10th anniversary,’ said group chief executive officer Jon Ravenscroft.

‘I was delighted with our 2014 results and am thrilled to see our assets under administration reach £2bn in 2015, which in turn will lead to an increase in recurring annual revenue. This strong performance is great news for our team and for our stakeholders.’

The assets were boosted by the completion of the purchase of a 75% stake in A Vartan Ltd, the Peterborough-based stockbroker, which added £293m. of assets under administration to the group’s figures.

Mr Ravenscroft said that turnover would have been more like 60% up if one-off transactions from 2014 had been excluded from the figures.

‘These figures show that it was an extremely successful six months for the business, highlighting the progress made since last year,’ he said.

‘You will no doubt be pleased to know, we are not content with just maintaining this improvement and will not be resting on our laurels.

‘We will be focusing our efforts to ensure further progress is achieved in the months and years to come.’

The company, listed on the Channel Islands Securities Exchange, has paid a one-off special dividend to shareholders of 5p and has increased its interim dividend from 4p to 4.25p, as earnings per share rose by 88% to 10.13p.

As investment manager to investment funds Bailiwick Investments and the Channel Islands Property Fund, Ravenscroft has also been involved in a number of major transactions during the year, with more ‘exciting’ deals in the pipeline, it said.

‘Although Ravenscroft has seen tremendous growth, we remain very true to our Channel Islands roots,’ said Mr Ravenscroft.

For more on this story go to: http://guernseypress.com/business/2015/11/03/ravenscroft-pre-tax-profits-more-than-double-to-1-22m/

IMAGE: www.ravenscroft.gg