Randall & Quilter (R&Q) has reported a “strong operating performance” for the first half of the financial year, according to its latest financial results release.
The firm revealed a 30% increase in pre-tax operating profit to £10.4m for the six months ended 30 June, compared to a pre-tax operating profit of £8m for the first half of 2019.
R&Q’s legacy line reported a 81% increase in net reserves acquired to £267m, as well as the completion of nine transactions across seven different jurisdictions.
The firm’s balance sheet revealed that cash and investments increased by 5% to £772m in the first six months of 2020.
In a joint statement, R&Q’s executive chairman Ken Randall, group chief executive officer Alan Quilter, and deputy chairman William Spiegel, praised the firm’s “strong operating performance’’ despite the economic uncertainty of Covid-19 and announced an interim distribution to shareholders of 3.8p per share in cash.
They said: “Our first half 2020 financial results were impacted by Covid-19 due to the already announced reduction in total investment returns, delays in on-boarding new Program Management business and by a change in the mix of legacy transactions, resulting in profit before tax of £0.6m.
“Nonetheless we continued to generate strong operating performance in both program management and legacy translating into group pre-tax operating profit of £10.4 million, a 30% increase compared with H1 2019. The board expects that fiscal year 2020 results will be in line with market expectations.”
They added: “We are pleased to announce that the Board has recommended an interim distribution to shareholders of 3.8p per share in cash. We are proud of R&Q’s consistent record of distributions to our shareholders.”