Ravenscroft adds more than £1.5 bn to assets
Independently owned investment services group Ravenscroft has grown its assets under administration to £4.4 billion – an increase of 55% in 12 months.
The company, which employs 80 in offices in Guernsey and Jersey, launched into the UK last summer and has increased group revenue by 15% to £20m, a record high since the business started 12 years ago.
Recurring revenues were up 50% from £7.61m in 2016 to £11.45m in 2017, and gross profit increased by 14% to £17.21m. The board has declared a dividend of 12p per share, making an annual dividend of 17p per share.
Chairman Stephen Lansdown said that these impressive results came about through hard work, a drive to do the very best for clients and a commitment to diversification to ensure the firm could offer a choice of investments.
‘We have been fortunate to have a rising stock market with the FTSE 100 finishing the year at a record high and the MSCI All-Country World Index rise in every single month for the first time ever,’ Mr Lansdown said.
‘We have, however, seen volatility in recent months but I am confident that with the team we have we can continue to deliver above-market average returns for our clients.’
Mr Lansdown said that the financial services sector continued to face ever-increasing regulatory demands and the Ravenscroft board had made a significant investment in the team.
‘This investment is reflected in our staff numbers increasing by 28% to more than 90 and as a result profit before tax was down slightly from £4.15m to £4.05m,’ he said.
As well as launching a treasury service and onshore versions of two of its Huntress funds, last year saw Ravenscroft backing a management buy-out of D2 Real Estate and acquiring a 50% stake in the company. It also bought 100% of Guernsey Mint Refined Ltd, which trades as BullionRock, in order to offer precious metals as an alternative asset class. The financial year ended with Ravenscroft being appointed investment manager to the Guernsey Investment Fund, backed by the States of Guernsey as well as private investors.
‘It really has been an incredible year, with a number of highlights which reflect the diversity of the group,’ said group chief executive officer Jon Ravenscroft.
‘We are now so much more than the stockbroking and investment management company we were a decade ago. Ravenscroft has grown and developed into a business that has an investment option for everyone, whether that’s buying a silver bar for a child’s christening, investing money for school fees, weddings and first homes, saving for retirement or buying stocks to grow and protect wealth. The entrepreneurial spirit that set the company apart at the start is still very evident today.’
Haydn Taylor, managing director in Jersey, said the addition of six new people to the local office had a positive impact on its contribution to the success of the group.
‘The team in Jersey has more than doubled in the last two years and that has enabled us to grow our client base and put ambitious plans in place for the future. I have recently joined the Ravenscroft Ltd board, which is a reflection of the importance the board is placing on Jersey,’ Mr Taylor said.
Ravenscoft’s services include traditional execution-only and advisory stockbroking, portfolio and fund management, market making and corporate finance services, as well as dealing in gold, silver, platinum and palladium via BullionRock.
The firm says it believes that investment opportunities should be accessible to anybody and their fund range is available to investors with a minimum initial investment of £5,000, which provides the benefits of pooling assets and giving access to a level of diversification they might not otherwise be able to achieve.
As a result of its continuing growth, the company has recently restructured, with a new listed parent company called Ravenscroft Holdings Ltd acquiring the entire share capital of Ravenscroft Ltd.