Woodford pockets £7.2m as profits triple to £35.4m

Woodford Investment Management, the firm owned and run by star manager Neil Woodford tripled its profits to £35.4m ($43.6m, €41.8m) in the year up to March 2016, according to latest records.

Woodford pockets £7.2m as profits triple to £35.4m

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In papers filed with Companies House, Woodford Investment Management reported its operating profit was 60% of its total revenue, considerably higher than the industry average.

The figure signals a three-fold increase on the £11.3m profit the firm made in the same period up to March 2015.

Founder Woodford received a cheque for £7.2m of the more than £11m distributed, while the asset management firm’s chief executive Craig Newman took home £3.9m in a previously-agreed 65/35 split.

The firm also raised cash on its balance sheet to £17.2m following the profit boost, up from £7.5m in March 2015.

In the report the firm revealed it was also setting up a corporate social responsibility programme in efforts to make a “positive social contribution” after donating to 60 charities and good causes in the past year. 

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