Kingswood Holdings slashed its annual pre-tax losses even as the wealth management industry saw slowing net inflows amid a highly uncertain market environment and weaker investor sentiment.

For 2018, the company reported a loss before tax of £3.77m compared with a loss of £6.06m a year earlier and revenue for the year fell to £8.8m for the year from £9.3m a year earlier.

Assets under management and advice in the core business fell slightly to £0.8b at year end, but further growth was reported in the Fixed Income division increasing AUM by £63m to £0.7b at 31 December, 2018.

'We have a strong competitive advantage with our integrated Wealth Planning and Investment Management platform. We plan to leverage the platform to its full potential and are looking to expand our current product offering with turn-key opportunities such as mortgages, cash management and lending products, including the launch of Kingswood labelled products in partnership with best in class industry expertise,' Gary Wilder, Kingswood's Group CEO.

At 8:31am: (LON:KWG) Kingswood Holdings Limited Ord 5p share price was 0p at 8.13p