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Tilney announces ‘resilient’ revenues

  • By Neil Martin
  • News

 

Tilney, the UK wealth management group, has announced what is described as ‘resilient’ revenues for the year ended 31 December 2018.

Revenues were up at £228.9m (2017: £226.5m), of which 87.6% are recurring, and EBITDA came in lower at £87.4m (2017: £90.1m).

The firm said in a statement that the figures demonstrated the “…robustness of our business model in a year of volatile markets during which we continued to invest in the business.”

Financial highlights in the statement:

  • £23.0 billion of Assets under Management at 31 December (2017: £24.1 billion) and £24.4 billion as at 31 March 2019;
  • £2.9 billion of gross new inflows (2017: £3.2 billion), equivalent to 12.0% of opening assets under management;
  • successfully refinanced debt-funding arrangements.

Business highlights in the statement:

  • completed implementation of major new technology system with clients and assets successfully migrated to XPLAN;
  • continued to invest in the business to support future growth, with an active hiring programme and the acquisitions of Index Wealth Management and the wealth management division of Moore Stephens;
  • all investment strategies were ahead of their ARC benchmarks in 2019 and performance remains highly competitive over the longer-term.

Chris Woodhouse, Chief Executive, said: “2018 was another year of strong underlying financial performance and continued strategic progress for Tilney against the backdrop of volatile markets and political uncertainty. We have reinforced our financial position, completed a major systems upgrade and continued to invest in the business.

“We have a broad range of award winning services and our investment track records are highly competitive and among the best in our industry. This has enabled us to achieve healthy net business generation in a challenging environment.

“We have added to our talent pool through new hires and acquisitions and we will continue to seek further opportunities to expand our teams over the coming year. Tilney has a truly scalable platform for future growth and I believe is exceptionally well-positioned to capitalise on the opportunities ahead.”

 

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