Sceptre Investment Counsel Ltd. today reported its earnings per share doubled for the second quarter ended May 31.

Second quarter earnings were $1,421,000 or 10¢ a share, compared with $670,000, or 5 ¢ a share, for the same period last year.

Revenue for the second quarter was $6,825,000 compared with $5,242,000 for the second quarter last year, an increase of 30%.

Assets under management increased in the quarter as fund assets showed positive inflows and overall assets benefited from market value increases. Revenue and earnings were enhanced from a one time capital gain as a result of the redemption of mutual fund units, the proceeds of which were invested as seed money in the launch of a new mutual fund. This item amounted to $324,000. Adjusting for this item earnings per share would have been 9¢ per share.

Overall expenses for the quarter increased by 17% as compared to the similar quarter last year. Expenses were higher due to increased investment management fees paid to sub-advisor AllianceBernstein, higher fund expenses due to larger assets under management, and increased compensation costs. Compensation expenses rose by 15% from the similar quarter last year.

The previous year’s second quarter earnings were adversely affected by a delay in implementing a fee increase to Sceptre’s balanced fund clients as a result of higher costs associated with the appointment of a new foreign equity sub-advisor.

“Our focused and disciplined approach to managing our clients’ funds has continued to produce strong investment returns in the most recent quarter. Our new business potential has increased substantially over the past few months and we anticipate that further opportunities will come our way over the balance of the year,: said Richard Knowles, president and CEO.

The also raised its quarterly dividend to 8¢ a share from 6¢.

Sceptre is a leading Canadian independent investment management firm with assets under management of $7.4 billion.