AssetCo ( (GB:ASTO) ) has provided an announcement.
AssetCo PLC announced its preliminary results for the year ending 30 September 2024, highlighting a rise in active equity assets under management to £2.8 billion, despite industry-wide net outflows. The company reported an improved operating loss of £3.3 million, down from £7.7 million the previous year, and a total loss of £2.5 million, aided by tax adjustments. Key initiatives included a joint venture with Jonathan Knowles, bringing nearly €400 million in assets, and a consolidation of back-office services to State Street, achieving cost savings. The company plans a reorganization to trade separate business interests in River Global and Parmenion, subject to shareholder approval, and a name change to River Global PLC. This reorganization aims to provide greater flexibility for shareholders and better manage its distinct business lines.
More about AssetCo
AssetCo PLC is an agile asset and wealth management company focused on active equity management. The company operates in the financial services industry, providing asset management solutions with a market focus on active equities. AssetCo is undergoing a strategic transformation, including a name change to River Global PLC, to better position itself in the challenging market conditions for active equity asset managers.
YTD Price Performance: 20.46%
Average Trading Volume: 523,405
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £51.01M
See more insights into ASTO stock on TipRanks’ Stock Analysis page.