Manx Financial Group - Half Year Interim Results

Record Half Year Profits reported for Edgewater parent company Manx Financial Group PLC (AIM:MFX)

Manx Financial Group PLC, the parent company of Edgewater Associates, has announced another record set of profits in its first half year results for 2023.

The Group recorded a 30% increase in pre-tax profits, to £3.0 million (up from £2.3m to June 2022).

Douglas Grant, Group CEO of Manx Financial Group commented: 

"This is another set of strong results, at a time when market conditions have been challenging. Nevertheless, all our major operating subsidiaries, including Edgewater Associates, performed admirably during the period under review.  The Group is well positioned for a strong finish to this year and to the start of 2024."

Douglas said he expected the local economy and businesses to pick up by the second quarter of next year, once interest rates had started to fall. "This will improve disposable income levels for corporates and individuals alike" he commented.  

Edgewater Associates Managing Director, Sandra Cardwell, said that despite the current cost of living crisis, demand for Edgewater’s wide range of life and general insurance products had remained strong throughout.

“We remain focussed on delivering a high quality and relevant service to our growing client base across the Isle of Man. These results are a vindication of the tremendous work undertaken by our staff, to meet the needs of the local community,” Sandra added.