News blog
Sumus
- BY: Andrew Hore |
- POSTED: 22/01/2008 |
IFA Sumus continues to grow both via acquisition and organically.
Sumus is unlike many of the other IFAs that have been traded on Aim. It is profitable and it generates the equivalent of that profit in cash. It reported an increase in profits from £857,000 to £1.51m in the year to September 2007. The cash generated from operating activities was £1.59m. There was a full year contribution from FSAS, which was acquired at the end of the previous financial year, but there was also substantial organic growth. This indicates the success of the company’s consolidation strategy.
The company’s Brunel funds haven’t raised as much as hoped. They had just under £5m under management at the end of September.
The total dividend was increased 47% to 1p a share.
Sumus would like to buy businesses with assets under management or ones involved in pensions or corporate advice.
Chief executive Allan Rosengren says that the changes to capital gains tax are creating acquisition opportunities. However, he warns that the time required to carry out an acquisition means that it will be difficult to start the process much later than now and finish it before the end of the tax year.
The shares were unchanged at 44.5p, valuing the company at £13.3m.
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