Asset manager RAB Capital made a loss before tax of GBP3.3m in the six months ended 30 June 2010, compared with a loss of GBP2.7m for the same period the previous year.
The basic and diluted loss per ordinary share was 0.49 pence, compared with a loss of 0.43 pence per share in 2009.
RAB’s net income fell 13.6 per cent to GBP8.2m from GBP9.4m in June 2009.
Assets under management were USD1.26bn at 30 June 2010, compared with USD1.35bn in December 2009, after a reduction of over USD63m from restructured funds.
Net current assets and investments totalled GBP93.6m at 30 June 2010, down from December 2009’s figure of GBP98.7m, after an outlay of GBP2.4m on dividends.
Net current assets and investments per ordinary share were 19.8 pence, compared with 20.9 pence in December 2009.
The company is paying an interim dividend of 0.10 pence per ordinary share, following a 0.60 pence dividend in June 2009.
Stephen Couttie, chief executive, says: “It has been a tough start to the year with volatile markets impacting on investor allocation decisions, particularly for equity products. However, a combination of some compelling investment opportunities in RAB funds, fund performance, and the early signs of improving investor appetite mean that we remain positive about the outlook for new asset gathering.”
