British wealth manager Towry has posted pre-tax profits of £4.4m for the year ended 31 December 2014, down 56% compared to £9.8m a year earlier.
The group’s operating profits stood at £8.2m, a fall of 29% from operating profits of £11.7m posted in 2013.
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The firm’s revenue however, saw a jump of 10.8% to £91.3m as against £82.4m in 2013. The rise in revenue was driven by organic and inorganic growth.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the year 2014 increased to £24m from £22.7m a year ago.
Assets under management (AUM) were £6.4bn, up 15.4% as against AuM of £5.6bn recorded a year earlier.
Referring to 2014 results, Towry CEO Rob Devey remarked, "2014 was a very positive year for Towry. Our results show a seventh year of continued growth in assets under management, while revenues have increased through a combination of organic and inorganic growth.
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By GlobalData"Towry’s strong track record of acquiring and integrating businesses was further demonstrated with the purchase of Baker Tilly’s private client arm, which increased our client base and provided access to an exceptionally talented team. This momentum has continued into 2015 with our offer to acquire Ashcourt Rowan, a transaction which will create one of the largest companies in the wealth management sector."
Towry, a privately owned firm with Palamon Capital Partners and Towry employees as the prinicipal shareholders, manages £6.4bn in client assets as of 31 December 2014.
