Business
Preliminary Results
Preliminary Results.
About this update from Theracryf Plc
[{"type":"text","content":"\n RNS Number : 3167Q Evolution Group PLC 08 April 2009 \n \n \nThe Evolution Group Plc\n(the \"Evolution Group\", the \"Group\", the \"Company\")\nPreliminary results for the year ended 31 December 2008\n\nEvolution Group, the listed investment bank and private client investment management group, today announces its preliminary results for the year ended 31 December 2008.\n\nFinancial and Operational Highlights\n\n\n\nStrong progress in developing the Group and rebalancing income streams to produce recurring revenues\n\n\nRobust performance against peer group in exceptionally challenging markets\n\n\nTotal Group income (before fee and commission expenses)1 of £65.2m, down 25% from £87.5m in 2007.\n\n\nAdjusted profit before tax from continuing operations2 of £1.9m down 91% from £22.1m6 in 2007. Statutory loss before income tax from continuing operations £12.7m (2007: Statutory profit before tax £3.2m6). \n\n\nContinued Balance Sheet strength with net assets at £147.2m (2007: £155.3m) of which cash is £125.3m (2007: £122.7m), and of this £125.3m £10.4m relates to third party investors within the WDB Capital UK Equity Fund Limited.\n\n\nIn March 2009, the Group re-entered the FTSE 250.\n\n\nIncrease in final dividend of 2% to 1.27p (2007: 1.25p) following an interim dividend paid on 24 October 2008 of 0.75p (2007: 0.67p), giving a total dividend for the year of 2.02p, which has increased by 5% from prior year (2007: 1.92p).\n\n\nWe believe the Group is capable of riding out the continuing difficult conditions and is well positioned for the future.\n\n\n\nWilliams de Broë3\n\n\n\nAssets under management up 21% to a record level of £3.4bn (2007:£2.8bn) and income1 up 10% to £35.7m (2007:£32.6m)\n\n\nCompleted the acquisition of Singer & Friedlander investment management business on 21 October 2008 acquiring over £1bn of clients under management. \n\n\nThe new Edinburgh office was opened in April 2008 which has seen strong growth in assets under management; that is expected to continue into 2009.\n\n\nAdjusted profit before tax2...