Kingswood Holdings Ltd on Wednesday reported revenue fell in 2022, amid market uncertainty, though the company said it is looking ‘to the future with confidence’.

The London-based wealth manager said its pretax loss in 2022 narrowed to £11.0 million from £14.5 million the previous year.

Revenue fell 2.5% to £146.0 million from £149.7 million in 2021.

The company said ‘macro-economic headwinds and market volatility’ resulted in a slowdown in capital market activity.

Helping its loss narrow, however, costs related to deferred considerations fell 74% to £1.9 million from £7.0 million.

Assets under management and advice rose 54% to £10.45 billion from £6.77 billion last year.

Kingswood said assets under management then rose roughly 9% to £11.4 billion in the first quarter of this year, following the completion of the acquisition of Barry Flemings Partners and Moloney Investments Ltd.

Chief Executive Officer David Lawrence said: ‘Kingswood continues to make strong progress across organic growth, positive net asset flows and acquisition activity, contributing to record levels of operating profit for the group in 2022.’

Looking forward, the company said that despite short-term headwinds of inflation, the cost of living crisis, and rising interest rates, Kingswood Holding was well-placed to deliver on its medium term strategy.

‘The fundamental opportunity for Kingswood remains strong, driven by the market opportunity. We look to the future with confidence,’ Kingswood said.

The company said its focus for the year is integration, organic growth, and delivering against its acquisition strategy.

Shares in Kingswood Holdings were down 2.3% at 21.00 pence in London on Wednesday.

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