British wealth manager Ashcourt Rowan has posted revenue of £19.9m for the six months ended 30 September, up 31% from £15.2m during the same period year ago.
The group in its statement said that its underlying EBITDA profitability for the period more than doubled to £1.9m from £0.9m posted in the same period last year.
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The group’s discretionary and managed assets grew by 40% to £2.3bn compared to the same period last year.
The group’s total assets under management and influence were £5.3bn, an increase of 32% from £4bn as of March 2014.
For the six months ended 30 September 2014, the firm’s loss after tax for continuing business fell to £0.7m from £2.4m posted one year earlier.
The integration of UKWM is expected to exceed £2.25 million target on a full year run-rate basis, Ashcourt Rowan said in a statement.
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By GlobalDataJonathan Polin, Group CEO, said: "The first half of our financial year has been another positive one of delivering on our objectives, driving our greater underlying profitability and building on the strong platform we have created over the last three years.
"We have delivered on the integration of UKWM ahead of time and have identified greater synergies than previously anticipated. Underlying EBITDA has doubled from the same period last year to £1.9 million and I am particularly pleased with the 19% increase in funds under management we achieved during the first half.
"As the Group returns to profitability, the Board recognizes the importance of a dividend to ordinary shareholders and will look to review its position at year end in March 2015," he added.
