‘Impressive’ results are posted by Ravenscroft
‘IMPRESSIVE’ results have been reported by Channel Islands-based Ravenscroft in its latest annual report.
The independently owned investment services business saw group revenue jump 15% to £20m. – the first time it has reached this level since the business started 12 years ago – with recurring revenues up 50% from £7.61m. in 2016 to £11.45m. in 2017.
Gross profit increased by 14% to £17.21m. and the board declared a dividend of 12p per share, making an annual dividend of 17p per share.
Assets under administration grew to £4.44bn – an increase of 55% in 12 months.
The release of the annual report comes after the company, which has offices in Guernsey and Jersey, launched into the UK last summer.
‘These are impressive results which have come about through hard work, a drive to do the very best for our clients and a commitment to ensure that we continue to diversify the company to ensure it can offer investors a choice of investments that will meet their long-term objectives,’ said Ravenscroft chairman Stephen Lansdown.
He also expressed confidence that the firm could continue to deliver above market average returns for clients despite stock market volatility, while highlighting an ever-increasing regulatory burden facing the financial services sector.
‘This is something that the Ravenscroft board takes very seriously and so there has been a significant investment in our team throughout the year to ensure we have the very best people to continue delivering exceptional service and meet our regulatory obligations,’ said Mr Landsdown.
‘This investment is reflected in our staff numbers increasing by 28% to more than 90 and as a result profit before tax was down slightly from £4.15m. to £4.05m.’
As well as launching a treasury service and onshore versions of two of its Huntress funds, the year also saw Ravenscroft backing a management buy-out of D2 Real Estate and acquire a 50% stake in the company to strengthen its property proposition.
It also acquired 100% of Guernsey Mint Refined Limited, which trades as BullionRock, to enable it to offer precious metals as an alternative asset class.
The financial year ended with Ravenscroft being appointed as investment manager to the Guernsey Investment Fund, which is backed by the States of Guernsey and private investors.
As a result of the company’s growth, it has recently been announced that as part of a restructure a new listed parent company called Ravenscroft Holdings Limited has been established and has acquired the entire share capital of Ravenscroft Limited.
