Woodford IM profits triple in second year to £35.4m

Founder Woodford receives £7.2m

Woodford Investment Management reported profits tripled to £35.4m for the year ending 31 March 2016, up from £12m the previous year.

According to accounts filed at Companies House, operating profit was £35.4m over the period for the asset management firm, which was founded in June 2014. This resulted in founder Neil Woodford (pictured) receiving £7.2m of the £11m available profit for discretionary distribution, with the remaining £3.8m going to CEO Craig Newman under the pair's agreed 65/35 equity split.  Woodford launches offshore feeder fund for UK Equity Income Total revenue for the period rose to £58.3m, made up from management fees, up from £27.4m the previous year. Meanwhile, total operating expenses fo...