An investment services company with an office in the island, said its revenue and its assets under administration increased during the last year.

But the chairman of Ravenscroft said: ’2020 was, among other things, a truly humbling experience.’

Stephen Lansdown said: ’We have all been forced to adapt, both personally and professionally, and the pandemic has torn any complacent assumptions about future growth away from business owners across industries the world over.’

Ravenscroft’s assets under administration (AUA) and revenue increased in a year which also saw the company acquire two new businesses, including one in the Isle of Man.

In its annual report, the investment services company, which now has five offices across the Isle of Man, Guernsey, Jersey and the UK, shows that AUA now stands at £7.75bn and revenue at £29.10m.

It also reported that new client assets in 2020 were £628m. and more than £500m has now been invested by clients in the Ravenscroft investment funds.

Mr Lansdown said: ’Against this sombre backdrop, I am extremely proud of what our team has managed to achieve. To grow AUA, revenue, client numbers, jurisdictional footprint and employees in what was a year like no other is nothing short of phenomenal.’

The performance of the company, together with the rollout of the vaccination programme and the expectation that life will return to normality and underpin financial market stability, will see shareholders receive a dividend of 15p, which is in addition to the 10p per share received in the first half of 2020, an increase of 127% on the total dividend paid in 2019.

Chief executive Jon Ravenscroft said: ’Meeting the investment objectives of our clients and delivering value to the shareholders underpins everything Ravenscroft does.

’In a year where there have been many difficulties, from falling financial markets to lowering interest rates and restrictions on our day-to-day lives, the group has outperformed its targets on many of our service lines and that of course benefits our clients and our shareholders.’

The acquisition of WH Ireland’s business in the Isle of Man as well as a Bishop’s Stortford-based team from Tees Law saw the number of employees increase from 107 to 123.

Mr Lansdown decided to retire from the board after six years, four of which as chairman but he will remain the company’s largest shareholder with a 40.16% stake. Jersey-based Dominic Jones, who has been involved with the Ravenscroft group as a director since 2008 and joined the Ravenscroft Holdings board in 2014, will become chairman at the annual general meeting in June.

In his chairman’s statement Mr Lansdown said: ’It’s been a privilege to be on the Ravenscroft board for almost six years and chairman for the past four and as a major shareholder and client, I will still be involved.

’We have made some excellent appointments to the board, which will be chaired by Dominic Jones, and I have every confidence that they will continue to drive the business forward.

’Ravenscroft has an exciting future ahead of it.’