COLIN McLean’s SVM Asset Management achieved a rise in revenues and narrowed its operating loss in its last financial year.

Accounts filed with Companies House show net revenues rose to £2.86 million in the year to December 31, 2016, from £2.52m in the prior 12 months. Operating losses at Edinburgh-based SVM, which is owned by chief executive Mr McLean and investment director Margaret Lawson, narrowed to £607,000 last year, from £833,000 in 2015.

Boosted by a £400,000 surplus on revaluation of investments and a £999,000 gain on exchange, and including £24,000 of interest receivable, SVM made pre-tax profits of £816,000 in 2016. This was down from £877,000 in 2015, when SVM recorded a £1.43m surplus on revaluation of investments.

The directors, in their report on the accounts, flag the rise in revenues and the reduced operating loss.

Noting shareholders’ funds rose from £16.7m to £17.5m during 2016, they declare: “The group remains in a strong position to face the future...

“The directors aim to continue to make progress by increasing funds under management on favourable terms while maintaining a sound cost base.”

Directors’ remuneration, including pension contributions, rose to £550,000 in 2016, from £523,000 in the prior 12 months. The highest-paid director received emoluments of £273,000 in 2016. In t 2015, the highest-paid director’s emoluments totalled £247,000.

The monthly average number of employees during the year was 21, down from 22 in 2015.