Strategic investment company EW Group has reported a net profit of almost GBP1.2m for the year ended 31 December 2012, a turnaround from the previous year when the group made a loss of GBP0.6m.
Much of this turnaround is due to its investment into the fast growing, recently launched wealth management business, European Wealth, that saw its revenues grow threefold in 2012 to GBP2.5m (2011: GBP0.8m) and funds under management increase by 33 per cent to GBP0.6bn in the year.
Paul Everitt of EW Group says: “2012 and the early part of 2013 has been an excellent period for the company. We are delighted with the transformational investment we made in European Wealth which has already delivered a material value uplift on its initial investment cost within the first year. The board of EW Group continues to monitor closely all of its investments in order to deliver maximum value to EW Group’s shareholders. We remain optimistic that the company’s focus on investments in the financial services sector and in particular its holding in European Wealth will deliver significant shareholder value over the short and medium term.”