Kingswood reported group operating profit of £5.0m for 1H23, +10% y/y, with UK Wealth & Investment Management printing £7.0m, up 20% on 1H22. However, the US result weighed, at just £0.6m, down 48% y/y, with weakness driven by lower investment banking fees in what was a subdued market. This in turn has led management to lower full-year group guidance by £1m to £13.6m pro-forma. However, total AUM/A grew to almost £12bn at end-June, +£1.5bn in the first half, driven by acquisitions as well as enc ....
