Gresham House AUM up 50%

Gresham House saw continued momentum in organic growth of the business with assets under management up c. 50% to £532m in the six months to the end of June.

Asset management revenue increased by 100% to £2.4m (H1 2016: £1.2m) and adjusted operating losses fell to £0.8m (H1 2016: £1.2m).

The group said it was on track to surpass management's trading profitability expectations since this management team came together in 2014 and asset management trading profitability was expected on a run-rate basis by the end of the year.

Chief executive Tony Dalwood said: "Gresham House has developed its alternative asset management proposition with further organic growth in the first half of 2017.

"The group has achieved a number of milestones including passing through £0.5 billion AUM, and the launch of the British Strategic Investment Fund, and importantly I am pleased to report that we are on track to achieve profitability on a run-rate basis in the second half of this year.

"We continue to assess various acquisitions alongside the organic strategy that is working well."

At 9:53am: (LON:GHE) Gresham House Plc share price was +5p at 332.5p