Wealth manager Kingswood’s losses widened in the six months to 30 June 2020, as the firm's acquisition programme took a toll on its profitability.
The firm produced a loss of £3.4 million during the six-month period, compared with H1 2019’s £2.2 million and the full-year 2019 loss of £5.6 million.
Revenue was £8.25 million, a 96 percent increase on the prior year reflecting the impact of recent acquisitions.
Operating EBITDA – the firm’s preferred metric – was £0.14 million, an improvement of £0.48 million over the six months to 30 June 2019.
“The results reflect solid underlying business dynamics and the impact of acquisitions. However, Covid-19 restrictions did curtail new business revenue generation and profitability targets,” Kingswood said in a statement.
Costs were up 60 percent compared with last year, to £8.4 million.
The firm also announced today that it had bought Regency Investment Services, a Surrey-based regional IFA platform. Regency provides independent financial advice to individuals and corporates primarily in the Greater London area and cur...