Positive Solutions back in the black
The result included a 6% increase in the productivity of its partners and a gross margin increase from 19% to 21.5%.
Chief Executive Peter Coleman said: “Our impressive £2.3m profit is proof of our robust infrastructure built on a foundation of improved Partner productivity and prudent cost controls. This result further strengthens our balance sheet and enables us to provide a safe and secure environment for our Partners.”
Coleman said the strong financial performance has enabled Positive to absorb increased regulatory fees and professional indemnity insurance costs rather than pass them on to its IFA partners.
Positive has also launched two new business models, Positive Protection and Associate Partners, to sit alongside the current IFA, mortgage broker and network models.
Coleman added: “We know 2013 is going to be a tough year for our industry but we’ve made every possible effort to give our IFA partners the support they need to achieve their qualifications and prepare their businesses for the post-RDR world.”