Somers Limited Releases Q3 2014 Results

Somers Limited, a Bermuda exempted financial services investment holding company, announces its results for the quarter and nine months ended 30 June, 2014, saying that profit for the period more than tripled from the same period last year.

Company Highlights for the nine months ended June 30, 2014:

• Consolidated net income of $15.3 million [2013: $4.8 million];
• Shareholders’ equity attributable to Somers’ shareholders increased by 17.9% to $188.7 million as at June 30, 2014 [September 30, 2013: $160.1 million]; and
• Diluted net asset value per share of $16.64 as at June 30, 2014 [September 30, 2013; $14.96].

Investment Highlights for the nine months ended June 30, 2014:

• Bermuda Commercial Bank Limited [BCB] reported net income of $11.8 million [2013: $6.8 million];
• BCB Tier 1 ratio of 21.87%;
• Waverton Investment Management Limited reported pre-tax income of $9.1 million;
• Waverton reported Assets under Management as at June 30, 2014 of $8.7 billion [£5.1 billion] an increase of approximately 26.0% compared to September 30, 2013; and
• Post period end further investment in Ascot Lloyd Holdings Limited of £2.4 million and completion of €3.25 million investment in Merrion Capital Holdings Limited, an Irish financial services group.

Commenting on the financial results, Warren McLeland, Chairman of Somers said, “Somers’ results are an indication of the strong performance from its investments in the first nine months of the year. Profit for the period has more than tripled from the same period last year. Despite the increasing regulatory burden in the financial services sector, both BCB and Waverton continue to increase not just their profit but improve al their key metrics.

“We were pleased to make a further investment in Ascot Lloyd to fund a transformational acquisition. We also completed our investment in Merrion post the period end and look forward to working with their other major shareholders and benefitting from the synergies Merrion can bring to other parts of the Somers group. We continue to look forward with confidence for the rest of the year.”

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