Manx Financial posts 33% rise in first-half profit

17th Aug 2015 11:59

(ShareCast News) - Manx Financial posted a 33% rise in first-half pre-tax profit and said it continues to look for suitable acquisitions and partnerships to provide an incremental business fit.Pre-tax profit for the six months ended 30 June came in at £1.01m from £0.76m in the first half of last year, as the group's main operating subsidiaries, Conister Bank and Edgewater Assosicates, continued to show good growth.Executive chairman Jim Mellon said: "The group has delivered excellent profitability for the first half of 2015 and I have every confidence that the full year will see this momentum maintained. Our new business opportunities remain strong and we will continue to manage our operational costs as prudently as possible."We welcome the enhanced regulatory framework in which we operate, emphasising as it does the necessity to treat the customers fairly, already a fundamental tenet of our business. Thus we are well positioned to more than meet these regulatory requirements and they will not dampen our expectations for further sustainable growth."Mellon added that the company is always on the lookout for meaningful and affordable acquisitions as it continues its diversification into an integrated banking and financial services group.At 1212 BST, Manx shares were down 1.8% at 13.50p.