TORONTO – Sprott Inc. is reporting first-quarter net income of $10.2 million, or four cents per share diluted, on revenues that increased by more than 19 per cent.
That’s up from $2.1 million, or one cent per share diluted, in the same quarter of 2013. Revenue increased to $32.9 million, up from $27.6 million year-over-year for the asset management company.
Assets under management were $7.7 billion as of March 31, down from $9.1 billion in the same period last year.
Management fees for Sprott (TSX:SII) were $19.4 million, a decrease of $6.6 million year-over-year.
“While our natural resource focused strategies led the way, almost all of our funds have delivered positive performance with several posting double digit returns year-to-date,” CEO Peter Grosskopf said in a release on Wednesday.
“We have also successfully maintained the sales momentum established during the second half of 2013, generating our third consecutive quarter of positive net sales.”
Sprott operates four businesses: asset management, physical bullion, private equity and debt and wealth management.