Its AUM stood at £9bn at the end of the period, an increase of 2% since the start of the year, and it also reported an increase in revenue margin as a result of stronger initial fees.
The firm’s banking division increased 11% over the year, as a result of growth in its motor finance and asset finance sectors, while both its net interest margin and bad debt ratio remained broadly unchanged.
Its securities division improved slightly in the second half despite ongoing mixed markets. The firm said Winterflood saw stronger volumes but more volatile. Retail investors focused on lower risk and large cap stocks, resulting in a reduction of income per bargain which partially offset the increase in average bargain per day.
In a statement the firm said it continues to expect good overall performance for the year.
It said:“We are seeing good opportunities for further growth in the banking division and continue to ecpect profit in the second half to be consistent with the first half.
“We continue to expect asset management to deliver a small profit for the full year.”
In May the firm announced it was suspending redemptions from two funds that had become uneconomical to run.
