European Wealth has reported a loss before tax of £0.8m for the first half of 2017, compared to a loss of £0.5m in the year ago half.

The company attributed the loss to higher financing costs that rose from £283,000 to £462,000, and one-off extraordinary losses of £309,000.

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Total revenues for the period ended 30 June 2017 were £5.2m, up 18% from £4.4m in the previous year.

The group’s funds under management and advice were £1.74bn as at 30 June 2017, a surge of 24% over £1.39bn a year ago.

Funds under management in the company’s investment management division totalled £1.17bn at the end of June 2017, a 30% surge from £889m a year ago. The unit’s revenue increased 16% to £3.10m from £2.67m a year ago.

Revenue in the group’s financial planning unit was £1.69m as against £1.70m in the previous year.

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European Wealth chairman Kenneth West said: “With a much stronger balance sheet and new supportive shareholders, the Group will be in a position to continue to expand, with a particular focus initially on the institutional capability within the investment management business, European Investment Management (EIM), where we have already built a formidable reputation over the last four years.

“It is the Board’s intention to expand its offering through the introduction of an equity service to the institutional marketplace together with exploring the possibility of launching additional institutional style funds using our UCITs structure in Dublin. We have completed the first step of this approach with the relaunch of the existing equity fund as a Global Managed Strategy Fund.”