Aim-listed alternative asset manager Gresham House swung into profit in the six months to the end of June 2018, driven largely by the gains from its acquisition of a rival.
The company made a profit of £400,000, compared with a loss of £800,000 for the previous six months.
Gresham House attributed the swing into profit to the cost savings from its acquisition of FIM Services earlier this year, which more than doubled the company's assets under management to £1.6bn.
The company's chief executive Tony Dalwood said: "We have made excellent progress in the first half, adding scale to the business, making us more relevant and accessible to a wider constituency of investors.
"The challenges created by wider macroeconomic and geopolitical conditions have increased investors’ focus on our areas of expertise. We are gaining greater brand recognition by identifying and developing high-quality investment opportunities and providing excellent client service.
"Whilst we focus on completing the integration of the FIM business, there remain attractive opportunities to grow the business organically and through acquisition. We will continue to be selective in our acquisition strategy, focusing on the most effective way to create value for shareholders."
The company said it will "accelerate" its dividend policy in 2019.
david.thorpe@ft.com
