Greek crisis hits recovery at Rensburg

WEALTH management group Rensburg Sheppards reported a fall in annual profits, but said a recovery in global markets boosted profits in the second half.

The company said a recovery in the equity markets had helped its profitability rise as the year progressed, but said the Greek financial crisis had seen the rebound falter during April and May.

The Leeds-based company, which recommended a takeover offer from South African investment bank Investec two months ago, posted adjusted pre-tax profit of 30.2m for the year to March 31, down from 36.3m in 2009.

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Rensburg said it grew its funds under management to 12.9bn from 10.01bn and posted an underlying rate of net organic growth of funds of 4.9 per cent, higher than the 1.9 per cent growth rate seen the previous year.

The company said directors were not recommending a final dividend but subject to the takeover by Investec proceeding, shareholders will be entitled to Investec's final dividend, equating to a final dividend of 13.04p per share.

Shares in Rensburg were down 1.7 per cent at 745p, valuing the company at about 327m.

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