Ashcourt Rowan 'on the brink' of new era after H2 profit

Ashcourt Rowan has posted a pre-tax loss of £2m for the year to 31 March but said it is "on the brink of realising potential value" after a return to profit in the second half.

Despite the full-year loss, down from a £2.5m loss last year, the group succeeded in posting a £500,000 profit in the second half, with underlying EBITDA profitability rising 37% to £3.8m for the year. Revenues, however, declined £1m on a year-on-year basis, reflecting "planned changes" made in late 2012 and 2013 as chief executive Jonathan Polin sought to turn the business around. "We had hoped to mitigate this decline with faster revenue growth but as a result of the reorganisation of the financial planning business, and the Figaro Platform migration, this took longer to come throug...