Rensburg Sheppards pleased with its performance despite challenges
STOCKBROKING and investment management firm Rensburg Sheppards said today it had put in a “creditable financial performance” in a challenging operating environment.
The firm, which in March agreed an all-share £412m takeover from Investec, said that the close of its reporting period on March 31, 2009 occured some three weeks after global stock markets reached ‘credit-crunch lows.
It added that the culmination of a “dispiriting 18 month period” had seen a complete change in the landscape for investors.
In stark contrast however, the strength and speed of the subsequent equity market recovery over the financial year now being reported had undoubtedly exceeded expectations of most investors.
Pre-tax profits for the year ended March 2010 were £27m compared to £30m for the year before.
Group funds under management in the period rose to £12bn from £10bn on the previous year.
Basic earnings per share dipped to 45.8p from 48.5p.
Rensburg, which has offices in Leeds, Sheffield and the North West, said its newly expanded operation in Scotland was performing well and it was pleased with the level of new funds being managed.
Steve Elliott, chief executive of Rensburg Sheppards, said: “In an operating environment that has remained challenging, it is pleasing to report a creditable financial performance.
“In particular, the underlying rate of net organic growth in funds under management of near 5% was a significant improvement and we remain focussed on growing our client base and, from this, our funds under management and revenue.”
He said that the board had recommended the offer from Investec to its shareholders and that being part of Investec would reinforce the strong momentum of its business and provide both our clients and staff the benefits of being part of a large and well respected international financial services group.
The firm is also hoping to better position itself with improving its name awareness – an issue it said had been recognised for some time.
Earlier in the year it appointed a chief marketing officer to drive its marketing strategy with the aim of growing its customer base.
