Polin's Ashcourt Rowan narrows losses after cost-cutting drive

Asset management and advisory group Ashcourt Rowan has narrowed its losses after implementing a programme of cost savings following a strategic review of the business.

After one-off costs of £1.3m were taken into account - relating to restructuring costs - the group's operating loss from continuing operations for the year to 31 March 2012 was £2.4m, down from £5.9m the previous year. Underlying profit on an EBITDA basis was £0.4m for the year to 31 March 2012. Elsewhere, group revenue was up from £35.1m in 2011 to £36.4m for 2012. The company has implemented a cost-cutting programme which has, among other things, seen a 40% reduction in headcount and is intended the return the group to profitability. It said that, by April this year, it had de...