CompaniesSep 27 2012

Perspective reports higher earnings but £2m loss for 2011

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National IFA Perspective Financial Group has reported a net loss of £1.92m despite a 65 per cent increase in earnings before tax.

For the year to 30 December 2011, Perspective reported earnings before taxes, depreciation and amortisation of £4.3m, up 65 per cent from £2.6m for the previous year.

The company also reported a 56 per cent year-on-year increase in revenue to £16.3m compared to £11.5m in 2010, and a 29 per cent increase in assets under management, up to £2.2bn from £1.7bn the previous year.

However, acquisition costs, interest, amortisation, depreciation and other “exceptional” costs pushed the company’s bottom line almost £2m into the red.

Damian Keeling, managing director of Perspective Financial Group, said the company’s profit was hit by a £1m accounting write-down and £3m of amortisation, which he says do not affect trading.

The company’s margin percentage rose to 26 per cent, up from 23 per cent in 2010.

He added: “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 1 January, by when all advisers will be fully qualified and authorised.

“The group 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.”