Somers Ltd releases financial results
Bermudian financial services company Somers Limited has published its financial results for the six months and year ended September 30, 2024, which showed it had paid off bank debt and repaid loan-note holders.
Alasdair Younie, the chairman of Somers said: “We are pleased with the company’s financial performance during the year and the continued underlying strength of our investee companies.
“Going forward, we believe that we and our investee companies are well placed to take advantage of increasing opportunities in the financial services sector.”
Peter Durhager and David Morgan both recently retired from the Somers board and Mr Younie said: “The company has benefited tremendously from their experience and valuable insight over the years.”
An overview of the six months and year ended September 30, 2024, showed:
• Shareholders’ equity of £262.9 million as at September 30, 2024 (September 30, 2023: £271 million, about $334 million and $344 million respectively)
• Profit for the full year was £16.6 million (about $16 million) (2023: net loss of £32 million, about $40 million) although following a decrease in the market value of the investment portfolio, the loss for the second half of the year was £11.6 million (2023: net loss of £10.6 million, about $14 million and $13 million respectively)
• Bank debt at September 30, 2024 of £3 million (2023: £36.6 million, about $46 million)
Investment highlights:
• Waverton Investment Management Group Limited, Somers’ largest investment, received regulatory approval for its merger with London and Capital Group and completion occurred on June 28, 2024. Somers received cash on completion and an 18 per cent economic interest in the combined group
• Resimac Group Limited, announced total AuM of A$14 billion and normalised net profit after tax of A$43.1 million for the year ended June 30, 2024
Mr Younie added: “The merger of Waverton and London and Capital was a significant transaction for Somers and enabled the company to essentially pay off its bank debt and to repay loan-note holders in July 2024.”
• For the full statement, see Related Media
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