Rensburgs looks to its strengths

YORKSHIRE-BASED wealth management company Rensburg Sheppards has
seen half-year profits increase by almost one third to £15m
and believes it can avoid the choppier waters of the financial
markets.

The Leeds group which manages funds worth £14.41bn – up by
8.5 per cent from £13.28bn last year, says its strong position
in what is a very competitive wealth management market, will ensure
it is largely not affected by the currently “volatility”
in the market.

Pre-tax profits were £15m in the six months to September 30
compared to £10.2m for the same period the year before.
Revenue, net of fees and commissions payable, was £61.4m.

Basic earnings per share increased to 23.9p from 14.4p while the
interim dividend is raised by a penny to 8.5p.

Steve Elliott, chief executive of Rensburg Sheppards, said:
“I am pleased to report significant progress across the
business. Our strong position in the growing wealth management
market means that despite the current market volatility, I believe
the group is well positioned for the future.”

Mr Elliott is the former head of Carr Sheppards Crosthwaite
(CSC), who became chief executive in March. The group was formed
following the £330m merger of Rensburg with CSC, to create one
of the leading UK wealth managers.

He added: “Since 30 September 2007, the UK financial
markets have remained volatile and such a backdrop is the principal
risk and uncertainty faced by the group in the second half of the
financial year. Whilst recognising that this uncertainty does not
assist us in the short-term, we believe our efforts in establishing
the strong platforms now in place from which the development of the
group's businesses can be led, combined with the growing
longer-term demand for the services and products that the group
offers, leave us well positioned for the future.”

Rensburg Sheppards Investment Management manages discretionary
funds of £8.79bn, up 11 per cent from £7.92bn last year,
and non-discretionary funds of £3.85bn – a fall of of 3.3 per
cent from £3.98bn last year. The group's shares are
currently 735p.