Ascot Lloyd has seen its total group revenue increase to £80.6m in the 2022 financial year compared to the previous year’s £80.3m in what it called a “volatile market environment”.
Ascot Lloyd, whose financial year runs to the end of December, has continuously experienced a group revenue increase since 2019 when it had an income of £51m.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at £20.8m for 2022, down from £23.1m in 2021, but up from £14.3m in 2020 and £11.9m in 2019.
Total funds under management for 2022 were down £200m to £9.6bn.
The national IFA firm completed six acquisitions in 2022, with a total of 35 since 2017. Following the acquisitions, its total number of clients was almost 24,000.
So far in 2023, three further acquisitions have taken place.
In October 2022, private equity firm Nordic Capital completed the acquisition of Ascot Lloyd from Oaktree Capital Management.
The companies said the transaction – first announced in April 2022 – shows a commitment to Ascot Lloyd’s strategy to expand its client offering through continued organic and inorganic growth.
Ascot Lloyd CEO Nigel Stockton said he was pleased with the “strategic progress” of the company “against a challenging market backdrop”.
Along with the acquisitions he highlighted investments in “technology and digital capabilities” to “enhance” its offering and the company’s “ability to onboard and organically acquire new clients”.
“While the volatile market environment did impact our performance in 2022, I believe that our results also demonstrate the resilience and strength of our business, with steady topline performance and overall client growth,” the CEO continued. “This is underpinned by a relentless focus on service and client outcomes and, against continued market uncertainty, our ability to effectively advise clients to help them achieve their investment objectives is central to achieving our strategic goals.”
Stockton said the firm’s “robust performance” was allowing it to “continue investing in both our business and new acquisitions, while our new owner Nordic Capital gives us significant further firepower with which to expand our UK footprint”.
“We are confident of delivering strong organic and inorganic growth with our commitment to client excellence acting as the foundation this,” he concluded.
