H2O AM LLP

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2.4 in the financial statements, which indicates that when assessing the LLP's ability to continue as a going concern, the members have taken into consideration the regulatory investigations and ongoing legal claims against the LLP as discussed further in note 13 with respect to provisions and contingent liabilities. The outcome of these events are uncertain, but these events or conditions indicate that a material uncertainty exists which may cast significant doubt on H2O AM LLP's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Shipleys LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2.4 in the financial statements, which indicates that when assessing the LLP's ability to continue as a going concern, the members have taken into consideration the regulatory investigations and ongoing legal claims against the LLP as discussed further in note 13 with respect to provisions and contingent liabilities. The outcome of these events are uncertain, but these events or conditions indicate that a material uncertainty exists which may cast significant doubt on H2O AM LLP's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. H2O AM LLP · parent
   1. Poincaré Holdings Limited 50.1% · Hong Kong
   2. Poincaré Capital Management Limited 50.1% · Hong Kong

Significant events

• “In December 2024, H2O AM LLP has voluntarily applied to cancel its UK FCA permissions.”
• “In August 2024 it was announced that he FCA investigation into the LLP was closed following Settlement Agreement with the FCA (the "Settlement").”
• “On the PCC decisions, in June 2024, the first President of the Paris Court of Appeal denied the LLP's right to appeal arguing that the latter did not comply with the PCC decisions (i.e. failed to produce the requested further documents).”
• “The Antwerp Court has decided in March 2024 to send the case to the docket and there is no update in that respect.”
• “The participation rate for the Offer proposed by H2O AM LLP, which was launched on 15 October 2024 and closed on 24 January 2025, has reached 79.54% of the side-pocketed funds' assets under management.”
• “In January 2025, the Paris Commercial Court awarded costs to H2O AM LLP in the context of the expedited proceedings against H2O AM LLP and H2O AM Europe in order to suspend the Offer.”
• “In February 2025, in the context of the judicial review action initiated by the Collectif against the FCA in relation to the Settlement, the High Court rejected the Collectif's claims.”
• “Regarding the appeal against the AMF sanction, the Conseil d'Etat is planned for the 30th of April 2025.”
• “Finally, H2O AM LLP' applied for voluntary cancellation of its regulatory permissions and is expected to be completed before the end of Q2 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -77.1%

  £68,932,309 → £15,778,311

• Cash

  +1,916.5%

  £10,696,149 → £215,687,434

• Net assets

  -71.9%

  £96,230,768 → £27,065,422

• Employees

  -18.5%

  27 → 22

• Operating profit

  -103.6%

  £49,886,434 → -£1,779,246

• Profit before tax

  -110.9%

  -£22,655,041 → -£47,775,163

• Wages

  -46.4%

  £5,530,845 → £2,964,671

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers