Woodford's reports £33.7m profit despite assets fall

The group reported gross profits for the year to 31 March 2018 were £76.4m, while operating profit was £41.7m over the period. This meant a total profit, after tax, for the year stood at £33.7m, while revenue hit £78m. However, total assets were down from £16.5m on 31 March 2017 to £12.7m on 31 March 2018, amid a period of tough performance for manager Neil Woodford's funds. A spokesperson at Woodford said: "Profits are transferred into Woodford Capital to enable Woodford Investment to invest excess balance sheet cash of the limited company. "The money is reinvested into the Woodfo...