LOM Financial Group, the international financial services company headquartered in Bermuda, has reported that profits in the first half of 2024 were flat year-on-year at $2,142,272.

That compares with a profit of $2,127,003 in the first half of 2023.

Earnings per share remained unchanged at $0.43.

Broking activity rose seven per cent year-on-year, with activity rising in the more buoyant markets, the company said.

Management fees rose 15.5 per cent due to both new assets being raised and rising markets.

In a letter to shareholders, chief executive Scott Lines wrote: “LOM’s overall revenues were up 11.5 per cent, however our costs have risen more strongly at an almost 15 per cent increase as we have added staff in our Cayman office and seen an increase in consultant fees, as we have invested in new business opportunities.”

Assets under administration were $1.72 billion as of June 30, compared with $1.43 billion on June 30 2023.

LOM had net equity of $39.5 million at the half-year mark, compared with $36.3 million in the prior year period.

The company holds cash and equivalents of $18.6 million, compared with $18 million on June 30 2023.

The company's board of directors has given approval for LOM to continue to buy back up to 400,000 shares for cancellation.

Over the first half of 2024, the company repurchased 35,000 shares at an average price of $5.70. At the end of June, the company had 4,908,700 shares issued and outstanding.

The company's current share price on the Bermuda Stock Exchange is $6.28 and the current market capitalisation is $30.8 million.

At the half-year mark, LOM’s book value was $8.05 per share.