British wealth manager Ashcourt Rowan has said that its loss before tax remained constant at £2.5m (US$3.7 million) for the year ended 31 March 2013, which the company attributed to its change management programme, restructuring costs and the result of legacy systems being decommissioned.
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However, the group’s earnings before interest, tax, debt and amortisation reached £2.8 million, up from the £300,000 it posted one year earlier.
Ashcourt Rowan’s revenue dropped just over £3 million year-on-year, from £35.7 million to £32.6 million.
The group’s preliminary audited full-year results also show total funds under management and influence stood at £3.7 billion as of 31 March, of which £1.6 billion was discretionary or managed.
Jonathan Polin, Group CEO of Ashcourt Rowan, said: "We have returned the company to solid underlying profitability with cost reduction targets achieved ahead of schedule and significant improvement in our operating margins in the second half. We have readied the business for future growth by completing the move to a single, scalable operating platform and refocusing on core activities."
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By GlobalDataAshcourt Rowan also revealed that it is planning to develop its workplace pensions business to increase its market share and could make acquisitions to accelerate growth in this area.
The group added that it also plans to deliver a new discretionary management proposition for IFAs and recruit more investment managers and financial planners.
"Over this financial year I want to see further growth in our corporate pensions business. I believe corporate pensions and workplace savings will be a key driver of business both for our financial planning business and our investment management solutions," added Polin.
