However, the group’s second half (H2) revenues increased an increase of GBP1.1 million on H1 revenue of GBP17.1 million.
The group in its statement said that its underlying EBITDA (before exceptionals) for 2012/13 was ahead of market estimates at GBP2.8 million.
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Ashcourt Rowan said that its underlying EBITDA margin increased from 2% in 2011/12 to double digit in H2 2012/13.
The group’s total funds under management topped GBP3.7 billion. Discretionary assets under management was stable at GBP1.6 billion, with organic growth offsetting expected reduction as a result of the facilitated exit of selected managers during 2012.
Commenting on the result, Ashcourt Rowan group chief executive Jonathan Polin, said: "This has been a year of substantial improvement delivering underlying EBITDA above estimates and a firm platform for growth leaving us poised to take advantage of many opportunities in the sector."
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