Ravenscroft has reported a 52 per cent jump in revenue to £17.36m and grew assets under administration by 21 per cent to £2.87bn, according to its latest annual report.
The Channel Islands-based stockbroker and investment management business saw revenue rise by nearly £6m year-on-year. Gross profit increased by 58 per cent from £9.52m at the end of 2015 to £15.08m at the end of 2016 and operating profit increased 89 per cent from £2.19m to £4.15m.
Shareholders will receive a total annual dividend per share for 2016 of 14.25p, up from 12.25p per share in 2015 – excluding a 5p special dividend paid in October 2015 that related to the early vesting of staff share options.
Corporate finance deals
Ravenscroft’s corporate finance division was recognised for another standout year. Revenue was up 158 per cent on last year at £6.15m after the completion of several deals – for The Channel Islands Property Fund and Bailiwick Investments, the two specialist funds for which Ravenscroft acts as investment manager.
A third specialist fund was launched by Ravenscroft in 2016 – the Financial Services Opportunities Investment Fund, which focuses on investing in businesses in the financial sector. More than £41m was raised during the initial phase – with £9m already invested by the end of December 2016 and more investments expected this year.
Double-digit returns were recorded by the Ravenscroft Investment Management team. Total assets within the Huntress fund range at the end of 2016 was just shy of £240m.
Ravenscroft Non-Executive Chairman Andy Stewart said: “Channel Islands broking, which remains a core part of the business, saw a 22 per cent climb in revenues in 2016 and a £321m increase in broking assets to £1.7bn.
“Our onshore business, Vartan Ravenscroft, had a pleasing year with assets under administration rising by 16 per cent to £326m, while revenue increases by 17 per cent year-on-year.”