Annual report shows another ‘splendid’ year for Ravenscroft

Ravenscroft saw a 52% increase in revenue to £17.36m according to its 2016 results published last week.

The company, which was founded in Guernsey in 2005 and is the only locally-owned independent stockbroking and investment management company in the Channel Islands, saw revenue rise by nearly £6m year-on-year. It also grew assets under administration by 21% to £2.87bn.

Gross profit increased by 58% from £9.52m at the end of 2015 to £15.08bn at the end of 2016 and operating profit increased 89% from £2.19m to £4.15m.

Shareholders will receive a total annual dividend per share of 14.25p for 2016, which is up from 12.25p per share in 2015. This excludes a 5p special dividend paid in October 2015 that related to the early vesting of staff share options.

“The Ravenscroft Group had another splendid year in 2016, continuing to provide investors with positive returns in what has been an unsettled global environment, where the perceived impossible became possible,” said Ravenscroft Non-Executive Chairman Andy Stewart. “That’s a testament to our client base, shareholders and staff. We’re looking forward to continued growth in 2017.”

In its annual report, Ravenscroft’s corporate finance division was recognised for another standout year. Revenue was up 158% on last year at £6.15m after the completion of several deals – which raised money for The Channel Islands Property Fund Limited and Bailiwick Investments Limited, the two specialist funds for which Ravenscroft acts as the investment manager.

A third specialist fund was also launched by Ravenscroft in 2016. The Financial Services Opportunities Investment Fund Limited focuses on investing in businesses in the financial sector. More than £41m was raised during the initial phase – with £9m already invested by the end of December 2016 and more investments expected this year.

“The Ravenscroft Group had another splendid year in 2016, continuing to provide investors with positive returns in what has been an unsettled global environment, where the perceived impossible became possible. That’s a testament to our client base, shareholders and staff. We’re looking forward to continued growth in 2017.”
Ravenscroft Non-Executive Chairman Andy Stewart

Double digit returns were recorded by the Ravenscroft Investment Management Limited (RIML) team, which is confident of achieving similar success in 2017. Total assets within the Huntress fund range at the end of 2016 was just shy of £240m. The appointment of Mark Harries, previously head of manager selection at Aberdeen Asset Management, will now see the team expand into the UK and mirror the success of the Huntress funds onshore.

Chief Executive Jon Ravenscroft said that the continued success of the business was driven by the high calibre of the team.

“It’s been another year of excellent growth and the team continue to deliver increasing dividends back to our shareholders and above average returns to our investors,” he said.

“Ravenscroft is unrecognisable from when it began in 2005 but our foundations remain the same. 2017 will see even more change as we push forward with our onshore expansion while continuing to deliver results to our Channel Island investors. At the same time we will also continue to invest back into the communities around us with our support of charities, sport, heritage and culture.”

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