The group, which provides specialist consultancy services to the financial sector, said in its full-year results statement that it enters the current financial year in robust health with substantially increased cash resources and an excellent pipeline of new business opportunities under discussion.
As for the year just ended (to March 31), revenue increased by 7.9% to £98.1mln from £90.9mln the year before while net fee income rose 10.2% to £98.0mln from £88.9mln.
Adjusted underlying earnings (EBITDA) jumped 7.2% to £21.7mln from £20.2mln the previous year. Profit before tax eased to £9.0mln from £9.3mln while adjusted profit before tax, which strips out such things as increased acquisition-related and share-based payment costs, climbed 5.3% to £19.6mln from the previous year’s £18.6mln.
The group suspended dividend payments a year ago as a cash conservation precaution during the early days of the pandemic but resumed them at the interim stage; the board said that given its cash position, it is recommending a final dividend of 4.85p, taking the full-year payout to 6.95p, up from 2.1p the year before.
"We are delighted with the performance of the group over the financial year, with the second half of the year creating further momentum and a very strong pipeline of new business. All the growth drivers for our business continue to add impetus to our performance with AUM [assets under management] in the asset and wealth management industry expected to increase by over 30% by 2025,” said Euan Fraser, the global chief executive officer.
“Continuing to differentiate ourselves successfully against the big six consulting firms on specialism and quality, the group has made further strategic progress, expanding our services, global footprint and in making our largest acquisition to date. We launched our strategically important ESG & Responsible Investment practice and further built out our new insurance offering. Our recent acquisition of Lionpoint also supplements our strong growth in North America and will help us achieve our target of doubling the size of our business within four years,” he added.