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(Alliance News) - Wealth manager Kingswood Holdings Ltd on Monday said acquisitions bolstered half-year revenue performance. The company is currently reviewing a number of potential US opportunities and is in exclusive talk to buy a business in Singapore.
For the six months to June 30, Kingswood recorded revenue of GBP4.2 million, up 14% from GBP3.7 million a year ago, due to the acquisitions of Yorkshire-based Marchant McKechnie in the fourth quarter of 2018 and Oxford-based Thomas & Co in first quarter of 2019.
The wealth planning division posted a 49% rise in revenue to GBP2.1 million, while the investment management business saw a 9% dip to GBP2.1 million.
Pretax loss for the first half widened to GBP2.2 million from GBP1.7 million on increased administrative and depreciation costs expenses and absence of exceptional gains.
Kingswood's assets under management and administration stood at GBP1.9 billion at June 30. It expects assets to grow to over GBP2.5 billion after completion of the acquisition of the assets of WFI Financial, a financial advisory business based in Sheffield.
Earlier in September, Kingswood agreed to buy WFI Financial for up to GBP14.0 million in cash.
"We now have an established and experienced team in place with an expanding product line and an international footprint which solidifies our growth plans. Our core proposition centres on primary offerings in wealth planning and investment management to deliver trusted financial solutions for clients. As we continue into the final quarter of the year, we look forward to further exciting announcements in terms of both domestic and international expansion and new investment products," said Chief Executive Officer Gary Wilder.
Kingswood shares closed 17% higher at 11.48 pence each in London on Monday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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