Revenue soars while profit takes a hit

[ad_1]

Friday 09 August 2024 8:46 am

Share Facebook Share on Facebook X Share on Twitter LinkedIn Share on LinkedIn WhatsApp Share on WhatsApp Email Share on Email

Ocean Wilsons’ revenue jumped while profit took a hit

London-listed Bermuda investment company Ocean Wilsons Holdings has reported strong revenue growth for the six months to 30 June, but profit took a hit.

Ocean Wilsons has two operating subsidiaries: Ocean Wilsons (Investments) Limited (OWIL) and Wilson Sons (Wilson Sons). The group is listed on the London Stock Exchange and and the Bermuda Stock Exchange.

For the six months ended 30 June 2024, the company reported revenue of $262.4m (£205.4m), an increase of 14.2 per cent compared to the $229.7m (£179.9m) recorded for the same period in 2023.

Operating profit rose to $68.4m (£53.5m), up by 22.4 per cent from the $55.9m (£43.7m) reported in the first half of 2023.

However, profit after tax decreased to $38.4m (£30m), a drop of 19.8 per cent from the previous year’s figure of $47.9m (£37.5).

Its investment portfolio net return saw a slight decrease, amounting to $10.7m, (£8.3m) down 4.5 per cent compared to $11.2m (£8.7m) in the previous year.

Meanwhile, net cash inflow from operating activities increased to $90.5m, (£70.8m) a jump of 99 per cent from the $45.5m (£35.6m) reported for the same period in the prior year.

Commenting on the results, chair Caroline Foulger noted: “Wilson Sons has delivered a 14.2 per cent growth in revenues period on period, with a particular highlight being the addition of a new feeder route in South America and two new direct services connecting Asia to both Rio Grande and Salvador.”

Foulger added: “Our investment portfolio delivered a 3.9 per cent gross return for the six-month period which was in line with the absolute benchmark return and significantly ahead of the equal weighted 60:40 comparable benchmark.”

She stated the group remains: “Confident in our investment approach which combines exposure to both public and private markets as well as a defensive allocation to assets providing uncorrelated returns and our focus remains on sustainable, long-term growth.”

While on a strategic review, Foulger stated its ” investment in Wilson Sons continues, albeit not as swiftly as we had initially anticipated.”

“However, we remain on track to announce the outcome of this review before the end of 2024. Both external factors and the excellent performance of Wilson Sons are playing into these considerations,” she added.