River and Mercantile profit falls as expenses weigh
StockMarketWire.com - Wealth manager River and Mercantile posted an 11% fall in annual profit, owing to higher administrative and remuneration costs.
Pre-tax profit for the year through June fell to £16.8m, down from £18.5m on-year, even as revenue rose 4.5% to £78.1m.
Fee-earning assets under management climbed 18% to £39.8bn.
River and Mercantile declared a second interim dividend of 5.1p per share, of which 1.6p was a special dividend related to performance fees, plus a final dividend of 5.0p per share.
The total dividend of the year was 16.4p per share.
'Our investment performance has been strong over the longer term with all of our funds ahead of their respective benchmarks since inception, although long equity funds have had a more challenging period, as value driven investment has been less favoured by the market,' chairman Jonathan Dawson said.
At 9:48am: (LON:RIV) River And Mercantile Group share price was -6p at 244p
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