River and Mercantile's assets under management surged by 29% in the first half of the year but the group's profits were wiped out by the £4.6 million cost of flotation.
Total assets reached £18.1 billion on the 30 June, but the company's pre-tax profits sank to £11,000 after the costs of restructuring and its initial public offering were factored in. Adjusted pre-profits were £4.5 million, equating to 7.69p earnings per share, up from 7.05p in the calendar year 2013. The group saw revenues of £20.2 million in the first half compared to £30.6 million in the whole of 2013 while performance fees were £2.4 million versus £3.8 million.
River and Mercantile chairman Paul Bradshaw said: 'We are encouraged by the continued solid performance of the group as demonstrated by the positive asset flows and the strong pipeline of mandates.
The business results, after adjusting for the cost of the listing, continue to show strong underlying profit growth. The board of directors is proposing final dividend of 2.3 pence per share, representing 60% of the "adjusted profits
The preliminary results are the group's first since both the merger of River & Mercantile and PSolve back in February and the combined group listing with a valuation of £150 million in June.