Perspective reports £1.9m loss
It announced a 65% increase in earnings before interest, taxes, depreciation and amortisation to £4.3m for the year ended 31st December 2011 – up from £2.6m in 2010.
The group also saw a 56% increase in revenue to £16.3m (2010; £11.5m) and an increase in EBITDA margin percentage to 26% (2010; 23%).
Assets under management grew 29% to £2.2bn up from £1.7bn in 2010.
Damian Keeling, managing director of Perspective Financial Group, said: “Following on from our record 2010 results, the 2011 shows a further strong underlying financial performance.
“The profit before tax was impacted by a £1m exceptional accounting write-down and £3m of amortisation, which do not affect trading. We are particularly pleased to record a substantial increase in EBITDA, and in the EBITDA margin, which are the group’s core measures of performance.
“We have achieved significant progress in organic growth, and the group continues to acquire excellent practices that perform well within our environment. The group is ready for the RDR changeover on the 1st January, by when all advisers will be fully qualified and authorised.”
The group expects RDR to lead to many more opportunities and will continue in 2013 to work towards chartered status for all its offices, as it sees this as the benchmark for quality in the post-RDR world.
“The group is on budget and on target for our 2012 forecasts,” added Keeling.