Woodford IM makes £11.4m first year profit

Company's first annual results

Woodford Investment Management made a profit of £11.4m in the first year of its operation, according to the company's annual report.

The accounts for the company, set up by one of the UK's best known fund managers Neil Woodford (pictured) last year, cover the period from 15 January 2014 (date of incorporation) to 31 March 2015. Total revenues were £27.5m for the period, while the cost of sales was -£618,000. Operating profit before members' remuneration and profit shares was £12.1m, with members' remuneration charged as an expense of £733,000. Total profits for the period available for discretionary division among members were £11.4m. Members who held office during the period were Woodford, CEO Craig Newman, ...