Elliott Advisors UK, which runs British operations on behalf of its US parent, made a profit of £2.6m in the year to December 2015 after generating a loss of £2.7m the year before.
Although the fund manager took the knife to director pay last year, its best paid employee – who was not named – saw their pay packet swell from £1.6m to £2.6m in 2015. Nevertheless, this was well below the £38m paid to its highest earner in 2013.
But while top employees benefitted from the return to profitability, total salaries dropped by 23 per cent to £61m – this was despite the fact that the number of employees increased from 61 to 72.
British operations yielded revenues that were 19 per cent lower at £81m. However this decrease was offset by a larger decrease in operating costs, down from £102m to £78m. Much of this decrease was thanks to the slashed wage bill, however it was also due to a decrease in operating lease costs – likely to include the rent on its Park Street offices – from £4.1m to £1.7m.
Elliott's accounts were filed at Companies House on Wednesday and the news of a turnaround in the financial performance of its UK arm came as it's US parent re-ignited its attempts to wring the changes at embattled electronics giant Samsung.
Elliott has submitted unsolicited proposals for a radical corporate makeover, a move that prompted Samsung to "carefully review" proposals to split the company into separate holding and operating entities.