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River and Mercantile profit falls 19% on lower fee income
StockMarketWire.com
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Investment consultancy River and Mercantile posted a 19% drop in first-half profit amid a fall in management and performance fees.
Pre-tax profit for the six months through December decreased to £4.6 million, down from £5.7 million, as revenue slipped 5.7% to £34.3 million.
River and Mercantile held its interim dividend steady at 3.89p per share, but also declared a special dividend of 0.5p per share.
Fee-earning assets under management increased 4.4% to £45.7 billion, thanks to net inflows of £100 million and a positive investment performance of £1.4 billion.
'Following a period of substantial investment, we are now redoubling our focus on improving our profitability through a series of cost cutting exercises to ensure that we return our core underlying margin to previous levels,' chief executive James Barham said.
At 9:46am: (LON:RIV) River And Mercantile Group share price was 0p at 151.5p
Story provided by StockMarketWire.com
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