European Wealth Group nearly doubles revenue

22nd Sep 2015 12:31

(ShareCast News) - European Wealth Group has nearly doubled its revenue in the first half of the year.The results for the six months to 30 June were released Tuesday.It highlighted that group revenue has increased 90% to £3.8m, with recurring revenue increased to 57%.Group funds under management increased to £1.08bn from £0.82bn, with the European Investment Management fund under management up 71% to £751m.However, the group posted a six month loss of £0.40m down from a £0.33m profit for the first half of 2014.European Wealth executive chairman John Morton said: "the combination of uncertainties in the global markets and the underlying dynamics of the wealth management industry will continue to create meaningful opportunities for the Group - allowing us therefore to continue building on the strategy of growth by acquisition, attracting revenue-generating staff and organic growth."At the same time we will be continuing to control the underlying costs within the Group to continue building profitable growth."At 1441 BST, European Wealth Group share were down 1p to 83p on the AIM market.