Wealth manager Ashcourt Rowan today said revenues had fallen in the last year amid a restructure of the group as it looks to prepare for future expansion.
The business, which appointed Jonathan Polin as group chief executive in 2011, said full year revenue had fallen below the previous year's as a result of a major restructure which has seen a number of managers exit the business. However, the group said it was starting to see signs of improvement, with second half revenues ahead of the first half by £1.1m, at £17.1m. The AIM-listed wealth firm also said EBITDA was ahead of market expectations at £2.8m, while discretionary assets of £1.6bn had remained 'stable' thanks to market movements, following some reduction as managers exited. ...
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