Year on year profits up by ?0.5m

Manx Financial Group has reported record pre-tax profits this year – jumping by almost a third.

The company says it made £2.3 million before tax over the past financial year, compared to £1.7 million the year before.

Its latest figures also show its total assets rose by nine per cent to £130 million.

Executive Chairman Jim Mellon says Manx Financial Group, including Conister Bank and Edgewater Associates, provided a return on equity of 17.3 per cent.

The business which employs 60 staff at its headquarters in Victoria Street and is majority-owned by Manx residents, says last year it contributed more than £10 million to the Island’s economy.