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Gresham House posts 32% rise in H1 operating profits

Appian Asset Management's Patrick Lawless and Tony Dalwood, CEO of Gresham House
Appian Asset Management's Patrick Lawless and Tony Dalwood, CEO of Gresham House

Gresham House, a UK-listed asset management group, said its adjusted operating profit for the six months to the end of June rose by 32% to £6.9m from £5.2m the same time last year.

It also said its Assets Under Management (AUM) was up 19% in the first half of the year to £4.7 billion.

Net core income increased by 31% to £23m from £17.5m the same time last year, it added.

Gresham House bought Appian Asset Management in July after regulatory approval from the Central Bank.

It said today that the deal cemented its international expansion plans with the addition of a regulated EU-based platform post-Brexit, alongside its intention to scale its activities in Ireland.

It said today that Appian - which is now known as Gresham House Ireland - grew its assets under management by 13% from €350m to €396m in the first six months of 2021.

Gresham House Ireland was "an exciting platform to pursue our international growth plans," it added.

Company chairman Anthony Townsend said Gresham House was approaching the second half of 2021 with real optimism having laid down a solid platform to grow AUM.

"We are ahead of management expectations for 2021, and remain on track to deliver and create further shareholder value," he added.