Ashcourt Rowan posts £2.5m loss after 'year of transformation'

Wealth manager Ashcourt Rowan posted a loss of £2.5m in the 12 months to April as the group continues its transformation into a holistic financial planning business.

Reporting its latest results, the company revealed it made a pre-tax loss of £2.5m for the year to 31 March, the same figure it recorded for the previous 12 months. Losses in the 12 months to April 2011 stood at £5.8m. But the group said underlying profit on an EBITDA basis was £2.8m, significantly up from £0.3m the previous year. The pre-tax loss reflects costs associated with the group's ongoing restructure. In what it said had been a "year of transformation", the company has reduced its cost base by more than £7m and further trimmed staff numbers. It has also completed the integ...