Manx Financial Group reports record results as profits surge

(Sharecast News) - AIM-listed Manx Financial Group (MFG) reported another record set of annual results, with profits surging by 41% as shareholder returns rising by nearly a half. The company, which offers financial services to both retail and commercial customers, reported a pre-tax profit of £9.9m for 2024, up from £7.0m the year before, with basic earnings per share growing 49.7% to 6.87p.

Loans and advances to customers increased to £372.4m from £362.6m a year earlier, and total assets rose to £497.8m from £480.7m, while return on equity improved to 23.8% from 20.6%.

"The material increases in operating income, profit before tax, earnings per share and return on equity have been achieved against a background of subdued economic activity in the Isle of Man and UK and is a testament to the resilience of our growth strategy," said MFG executive chair Jim Mellon.

The company said it would return 10% of profit to shareholders in the form of cash and/or shares, with 0.6768p per share recommended for shareholder approval, up 48.6% over last year.

Shares were up 0.4% at 25.6p by 1109 BST.