MJ Hudson Group PLC - asset management consultancy - Annual pretax loss widens to GBP7.0 million from GBP3.4 million. In the twelve months to June 30, revenue, however, rise 5% to GBP22.3 million from GBP21.2 million. Administrative & other expenses rise 16% to GBP16.0 million from GBP13.8 million. On top of that, MJ Hudson's fundraising costs jump to GBP4.0 million from GBP1.4 million, which includes the company's London IPO.
Chief Executive Matthew Hudson said: "The business has achieved a certain critical mass after a transformative year. Our balance sheet was improved following the successful AIM flotation at the end of last year. Our business model has evolved and we now provide services and advice over three divisions of comparable financial scale."
In terms of outlook, MJ Hudson is "encouraged" by its "resilience" across its three divisions and the "continuing growth" of the Alternatives sector.
Separately, MJ Hudson has acquired Bridge Group Ltd, a funds service provider based in Ireland. An initial fixed consideration of EUR2 million is payable in cash, with deferred and additional earn-out consideration of up to EUR10 million, payable over a two-year period. Bridge Group has over EUR120 billion in assets.
Current stock price: 41.37 pence
Year-to-date change: down 30%
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
