Openwork sees rise in profit

Michael Lloyd

September 17, 2019

Openwork has reported that its profit before tax and volume of mortgage lending both increased in 2018.

In its full year results, profit before tax increased by 18.3% to reach a record of £22.6m in the year to 31 December 2018.

Furthermore, the volume of mortgage lending was up by 21% to £16.4bn

Mark Duckworth, chief executive at Openwork, said: “2018 was a significant year in the development of Openwork as we became an independent business in April.

“It is therefore very pleasing to be able to report strong results whilst also investing in the future. We are growing the scale of our advice business across our diversified offering and this has meant we have been able to help more clients than ever.”

Total number of Openwork advisers across the network increased by 262 to 3,865 throughout 2018.

The network is increasing its investment in adviser recruitment with the Openwork Academy welcoming 54 trainees to the scheme this year.

Since its foundation in 2014, the academy has trained and qualified more than 150 advisers.

Duckworth added: “The record intake to the Openwork Academy in particular underlines our commitment to increase access to advice so more people across the UK can receive the expert help they need to create and protect wealth for themselves and their families.

“This will remain a strategic priority of the business throughout 2019 and beyond.

“Our strengthened financial position has meant we have been able to reward our long-standing and supportive shareholders with the first ever dividend.

“I would like to thank the growing team at Openwork, our advisers, colleagues and senior management, for the hard work and dedication which has made 2018 a success and look forward to the continued development of our business.”

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