Asset management and advisory group Ashcourt Rowan has narrowed its losses after implementing a programme of cost savings following a strategic review of the business.
After one-off costs of £1.3m were taken into account - relating to restructuring costs - the group's operating loss from continuing operations for the year to 31 March 2012 was £2.4m, down from £5.9m the previous year.
Underlying profit on an EBITDA basis was £0.4m for the year to 31 March 2012.
Elsewhere, group revenue was up from £35.1m in 2011 to £36.4m for 2012.
The company has implemented a cost-cutting programme which has, among other things, seen a 40% reduction in headcount and is intended the return the group to profitability.
It said that, by April this year, it had delivered £4.1m in annualised savings, against an original target of £5.2m. The group said it hoped to deliver an extra £0.8m during the first half of 2012/13 to reach that figure.
The progress follows the appointment last year of group chief executive Jonathan Polin (pictured), the former sales and marketing director at Ignis Asset Management.
Meanwhile, the group said it had launched its RDR pricing model which will be in operation from 1 September, making it fully RDR-compliant. It said it would migrate existing business to the new pricing model over the next 12 months.
This development adds to the launch of Ashcourt Rowan's Advisory Operating Platform, provided by Cofunds, which is due to go live at the end of August.
'Rewrite the rules' of business
'Women at financial risk'
Created by 150 individuals
Investor urges fund group to be more cautious on promoting funds
Ahead of 12 December general election