Financial services investment holding company, Somers Ltd, has reported a net profit of £28.3 million (or nearly $35.8 million) for the first half of the year to March 31, (compared to 2023: net loss of £21.4 million), a profit the company said resulted from an increase in the market value of the investment portfolio.

Net asset value per share at the end of March was £12.26 and shareholders’ equity was £299.4 million.

The NAV per share of £12.26 at March 31 was up from £11.10 at the end of September 30 and a dividend of $1.22 per share was to be paid to shareholders today.

Also today, a deal for the merger of Somers’ largest investment, Waverton Investment Management Group Limited, with London and Capital Group, completed after it was first announced in February.

Somers received cash upon completion and an 18 per cent economic interest in the combined group.

Waverton reported Funds under Management and Administration of £15.4 billion.

Resimac Group Ltd announced Home Loan AuM of A$12.5 billion, Asset Finance AuM of A$1.0 billion and normalised net profit after tax of A$26 million for the six months ended December 31, 2023.

Commenting on the financial results, David Morgan, Somers chairman, said: “Our investee companies have continued to develop their businesses in the era of ‘higher for longer’ interest rates and their growth continues to be positive.

“Going forward, we believe that we, and our investee companies, are well placed to take advantage of increasing opportunities in the financial services sector as interest rates begin to reduce over the next 12 months.

“It was pleasing to receive (Financial Conduct Authority) regulatory approval for the merger of Waverton and London and Capital.

“The proceeds of the transaction are being used to reduce bank and other debt including the repayment of loan notes due on July 26, 2024.”

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