Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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