Rensburg Sheppards remains resilient
WEALTH management firm Rensburg Sheppard’s today said its performance was proving “resilient” despite market conditions remaining “challenging”.
The Leeds-based group, which also has an office in Sheffield, said in an interim management statement that net revenue in the first quarter of its financial year was down 1.4% to £30.3m compared to the three months to June 30 in 2007.
It said in a statement: “The board considers this to be a resilient performance given the marked downturn experienced in the operating environment when comparing these periods.”
However the group’s total funds under management declined by 2.3% to £12.65bn in the three months to June 30 from £12.95bn at its year-end on March 31.
But it said that this “compared favourably” against the FTSE APCIMS Private Investors Balanced index which declined 2.7% over the same period.
It added: “Conditions remain challenging, with the period since June 30, 2008 having witnessed significant volatility and a further decline in the leading financial market indices. However, the board remains satisfied with the financial position of the group and with its prospects for developing the business further.”
Rensburgs said that its new office in Edinburgh, which opened in April, has “started well”.
It has also made an early repayment of £5m against its loans on top of a scheduled repayment of £5.625m.
