F&C's profits rebound as cost-cutting takes hold

F&C Asset Management has reported pre-tax profits of £37.3m for the half year ending 30 June 2013, citing buoyant equity markets and cost-cutting measures introduced by activist shareholder Edward Bramson.

The figure is an increase from £22.1m for the same period last year, with earnings per share also rising, from 2.8p to 4.9p. Bramson (pictured), who took over as non-executive chairman after a boardroom coup, has instigated a focus on institutional clients, as well as cost-cutting across the firm. Chief executive Richard Wilson said the results demonstrated "significant" progress. "The 66% increase in our earnings per share, to 4.8p, was driven by a combination of increased revenue, together with the delivery of planned cost reductions," he said. "Our consumer and institutional ...