British wealth manager Towry, which has been recently acquired by Tilney Bestinvest, has reported an operating profit of £4.2m for 2015, down 49.4% compared to £8.3m a year ago.
The company attributed the fall in profit to the acquisition of Ashcourt Rowan in a £19.5m deal in May 2015 and related restructuring costs.
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Meanwhile, the company’s revenues surged 33% to a record £121.1m from £91.3m a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 52% year-on-year to £36.4m from £24m.
The company’s assets under management (AUM) at the end of 2015 reached £9.1bn, an increase of 42% from £6.4bn in 2014.
Towry CEO Rob Devey said: "2015 was a transformational year for the business as we continued to successfully execute our growth strategy. Not only did we deliver an eighth year of continued AUM growth but we also achieved record revenue and EBITDA figures.
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By GlobalData"The successful acquisition and integration of Ashcourt Rowan played a key role in the year’s success, as it allowed us to significantly accelerate the development of the business and build a client proposition which puts us at the very forefront of the market."
