Search Share Prices
Arbuthnot turns around in 2017 as underlying profit leaps 91pc
Arbuthnot Banking Group, the holding company for Arbuthnot Latham & Co and an 18.6% shareholder in Secure Trust Bank, announced an increase in underlying profit of 91% in its results for the 2017 calendar year on Wednesday.
The AIM-traded firm said its profit before tax for the year reached £7.0m, compared to £0.2m in the prior year, with underlying profit before tax rising to £7.7m from £4.0m.
Its operating income increased by 32% to £54.6m, while earnings per share surged to 43.9p from losses of 3.7p in 2016.
The board declared a final dividend per share of 19p, an increase of 6%, and making for a total full year dividend per share of 33p, up from 31p.
Underlying net assets stood at £236m at year-end, up marginally from £234m, with net assets per share standing at 1547p compared to 1534p.
Arbuthnot's underlying return on deployed equity was 10.0%, up from 9.6%.
"The group had a good year, with profits increasing substantially, supported by the deployment of capital into the business," said chairman and chief executive Sir Henry Angest.
"Arbuthnot Latham reached a creditable milestone of surpassing £1bn in its key business metrics - customer loans, customer deposits and assets under management.
"With a new banking system successfully installed, strong capital and a good liquidity surplus, the group is well set for further growth."