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Hamilton, Bermuda:  22^nd, March 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), LOM Financial Limited (the “Company"; Ticker: LOM.BH), Releases 2021 Results.  The full filing stated:

 

LOM Financial Limited Releases 2021 Results

HAMILTON, Bermuda – 22 March 2022 - LOM Financial Limited ("the Company"; ticker: LOM.BH) today announced the financial results for the fiscal year ending 31 December 2021.  In a letter to shareholders, the Company’s CEO stated:

 

2021 Financial Results

 

LOM Financial is pleased to report full year 2021 profits of $9,510,119 or $1.84 per share. This increase over the $4,795,662 profits declared in 2020 is a result of an extraordinary $7.1 million realized gain on securities that the company owned. Pleasingly, our underlying profits before the extraordinary gains in 2020 and 2021 rose 19% year-on-year, from just shy of $2 million to $2.36 million. This is the important metric, as it is extremely unlikely that the extraordinary profits recorded in 2021 will reoccur this year.

 

Below are the highlights of LOM’s financial performance during 2021.

 

Revenues had the following year-on-year changes:

·         Management and advisory fee revenues rose 29% to $7.164 million (29% of revenues).

·         Broking fees rose 17 % to $7.506 million (31% of revenues).

·         Net interest earnings fell 33% to $553,135 (2.2% of revenues).

·         Foreign Exchange revenues rose 30% to $752,874 (3% of revenues).

·         Gains on securities held in inventory showed a profit $7.141 million.

·         Total revenues rose 39% to $24,493,484.

 

Costs for the group had the following year-on-year changes:

·         Employee compensation costs rose 8% to $4.65 million.

·         Commission and referral fees rose 27% to $5.7 million.

·         Total operating costs rose 17% to $14.98 million.

   

On other financial measures:

·   LOM’s assets under administration were $1.62 billion as of 31st December 2021 as compared to $1.27 billion at the end of 2020.

·         LOM’s fully diluted net income per common share was $1.84.

·         LOM is in a strong financial position with net equity of $33.6 million.

·         LOM had a net return on equity of 39% in 2021.

·         LOM held cash and equivalents at year-end of $18.3 million, representing 55% of shareholder equity.

·         LOM's book value as at 31st December 2021 was $6.50 per share. 

 

As always, I would like to express appreciation and thanks to our customers for their business and the employees at LOM for their dedication and professionalism.

 

Scott GS Lines

Chairman & CEO

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The LOM Financial Group is a publicly-held, international financial services company, providing a complete range of private investment services and products, with subsidiaries in Bermuda, Bahamas, Cayman and the UK.  In business for 30 years, LOM provides brokerage, custody, and wealth management services to its primarily high net-worth individual and institutional customers around the world. LOM Financial Limited is publicly-listed on the Bermuda Stock Exchange (symbol LOM.BH), and is the parent to its regulated subsidiaries – LOM Financial (Bermuda) Ltd, LOM Financial (Bahamas) Ltd, LOM Asset Management Ltd, and Global Custody & Clearing Ltd. For more information, visit www.lom.com

Press Contact: 

Kristen Lahner

Global Marketing Manager

LOM Financial Limited

27 Reid Street

Hamilton, Bermuda HM 11

 

Tel: + 1 441 292 5000

Direct: + 1 441 516 6563

Email: Kristen.Lahner@lom.com

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.