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Ocean Wilsons Holdings Ltd on Friday reported double-digit growth during the first half and noted the risk posed to investments by an uncertain political outlook. The Bermuda-based investment holding company said pretax profit rose 13% to $65.7 million in the first half that ended June 30 from $58.3 million the previous year. Revenue increased 14% to $262.4 million from $229.7 million. In March, the company announced a dividend for the half of 85 cents per share, up 21% from 70 cents in 2023. Ocean Wilsons attributed its success to improving global markets driven by ‘robust economic performance’ in the US and growing enthusiasms for companies in the artificial intelligence sector. The Investment Manager said: ‘The near-term outlook for stock markets will continue to be driven by the inflation/interest rate dynamic, economic growth and the outlook for the Magnificent 7. ‘With interest rates likely to be heading down rather than up - albeit not to the degree by which markets thought they would at the start of the year - and economic and corporate growth largely supportive, this should help underpin share prices...However, whilst the economic backdrop might continue to drive shorter-term returns, increasing geopolitical uncertainty is likely to impact longer term asset returns.’ In the half, investment portfolio assets increased 2.8% to $319.6 million from $310.9 million at December 1, while net debt fell 8.8% to $436.7 million from $479.1 million. Ocean Wilsons shares were down 1.3% to 1,244.25 pence each in London on Friday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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