Woodford and Craig Newman raked in £13.8m ahead of fund crisis

Neil Woodford and his business partner raked in £13.8m in dividends before their funds empire collapsed leaving investors facing big losses Investors were already deserting the fund, causing slump in profit and revenues Annual results statement blames 'underperformance' and 'negative press coverage' for ensuing fund suspension The debacle has left hundreds of thousands of investors facing losses

By Tanya Jefferies for Thisismoney.co.uk

Published: 12:24 GMT, 7 January 2020 | Updated: 17:38 GMT, 7 January 2020

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Neil Woodford: Fund manager has reportedly travelled to China to drum up interest from investors in early stage businesses

Neil Woodford: Fund manager has reportedly travelled to China to drum up interest from investors in early stage businesses

Disgraced fund manager Neil Woodford and his business partner Craig Newman scooped £13.8million in dividends from their investment business before its collapse.

The figure for the financial year 2018/19 compared to the £36.5million that the pair took out of Woodford Investment Management in the 2017/18 year.

Investors in the the flagship equity income fund were already deserting the fund in droves in early 2019, resulting in a slump in profits and revenues.

The results statement for 2018/19 blames 'underperformance' in the Woodford equity income fund and 'a period of sustained and negative press coverage' for the eventual suspension of the fund last summer.

The debacle has left hundreds of thousands of investors facing losses on their holdings.

The company results, which cover the 12 months to 30 March 2019, reveal that Woodford's boutique asset management firm made a £18.4million pre-tax profit, down from £41.7million the year before. Revenues fell to £52.6million, from £78million in the prior year.

In a statement on 'post balance sheet events', the company says that measures are being taken to reshape the business in light of reduced revenue expectations with a view to remaining debt free, with no intention or need to raise capital from other sources. 

A company spokesperson said: 'The accounts relate to the financial year before the equity income fund was

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