Foster Denovo Group’s 2020 results show continued revenue growth
Our parent company Foster Denovo Limited, and fund management company Sequel Investments Limited, announces its audited financial results for 2020.
• Group revenues of £21.7m, representing growth of 2.4% year on year;
• Gross margin improved to 52.1% from 51.6%;
• Sequel assets under management grows to £718 million with OEIC funds growing
• Dynamic Portfolios assets under management grows to £227 million.
The Group has reported revenues of £21.7m, representing growth of 2.4% year on year and the fourth consecutive year of continued growth.
During 2020, the firm continued to build on the successful launch of its Dynamic Portfolios, and in 2021 further enhanced the client offering by adding a new range of Sustainable Dynamic Portfolios. The actively managed portfolios address the growing needs of socially conscious investors and are suitable for a variety of client circumstances, including attitude to risk, investment time frame and investment goals.
Revenues of the investment solutions (Sequel and the Dynamic Portfolios) grew by 13%, with overall funds under management growing to £945m. The firm’s OEIC funds posted another year of consecutive growth, representing 13% growth year on year.
Amidst the continued impact of the pandemic, EBITDA increased to £0.7m while the Group saw its gross profit margin improve to 52.1%.
Commenting on the results, Roger Brosch, CEO of Foster Denovo said: “Despite the ongoing impact of the Covid-19 pandemic I’m delighted to say that 2020 was the fourth consecutive year we have reported positive growth. Something which is in part testament to the decisive action we took at the start of the pandemic to enable the business to continue to grow.”
Read the press release in full.