Manx Financial Group PLC - Isle of Man-based financial services firm - Posts doubled profit as net interest income and net trading income grow faster than interest expenses.

‘The group had its strongest half-year pre-tax profit for over a decade,’ Executive Chair Jim Mellon says.

Pretax profit in the six months to June 30 doubles to £2.3 million from £1.1 million a year prior. Net interest income grows 21% to £13.2 million from £11.0 million. Net trading income increases 30% to £11.5 million from £8.9 million.

Interest expense widens by 12% to £2.7 million from £2.4 million. Fee & commission expense narrows by 19% to £1.5 million from £1.9 million, as fee & commission income grows 6.2% to £2.5 million from £2.4 million.

‘We are well positioned to grow both organically and through acquisition despite the challenging economic headwinds,’ says Executive Chair Mellon.

Current stock price: 9.40 pence, up 14% on Tuesday

12-month change: up 18%

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