TIDMARP

RNS Number : 2633G

Ashcourt Rowan PLC

06 May 2014

ASHCOURT ROWAN PLC

6 May 2014

Trading update and notice of results

Ashcourt Rowan Plc (AIM: ARP.L) the UK wealth management group, announces a trading update for the 12 months ending 31 March 2014 and notice of results.

Year ending 31 March 2014

Significant progress has been made during the year, and in particular in the second half, to return the company to asset growth, improve the quality of underlying revenue while maintaining control over the cost base, which now reflects the scale of the underlying business.

As at 31 March 2014 total assets under management and influence amounted to GBP3.9 billion. Out of those, discretionary and managed assets have increased to GBP1.9 billion from GBP1.6 billion in March 2013 and September 2013 (an increase of 17% including assets acquired from Generali Portfolio Management (UK) Limited).

Revenues in the second half of the financial year were GBP16.4 million compared with GBP15.2 million in the first half. Revenues for the financial year ended 31 March 2014 were GBP31.6 million compared with GBP32.6 million for the previous year, affected by the full year impact of planned exits during the second half of last financial year and the first half of this financial year as previously flagged.

Underlying EBITDA for the financial year ended 31 March 2014 is expected to be GBP3.8 million growing 36% from GBP2.8 million last year and from GBP0.9 million in the six months to September 2013, reflecting a good second half to the financial year.

Acquisitions update

The discretionary management business acquisition from Generali Portfolio Management (UK) Limited completed in January 2014 has now been integrated.

The acquisition of UKWM completed on 4 April 2014 and is now being integrated. The acquisition adds over GBP1.3 billion in total assets under management and influence of which GBP0.3 billion is discretionary assets. Including these assets, the total assets under management and influence increase to GBP5.2 billion, of which GBP2.2 billion is discretionary or managed. Annualised cost synergies of approximately GBP2.25 million are expected to be achieved by December 2014.

Notice of preliminary results

The Company intends to announce consolidated audited results for the year ended 31 March 2014 on Wednesday 2 July 2014.

For further information please contact:

 
 Jonathan Polin, Group CEO      Ashcourt Rowan plc 
  Alfio Tagliabue, Group CFO     www.ashcourtrowan.com                          +44 (0) 20 7871 7373 
 
 Guy Wiehahn 
  Harry Florry                  Peel Hunt LLP (Nominated adviser and broker)    +44 (0) 20 7418 8900

Notes:

Underlying EBITDA is defined as profit before interest, tax, depreciation, amortisation, impairments, exceptionals and share based payment costs. Revenue figures are based on continuing business to aid comparison.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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