Pointon points to distribution deals as it posts £204k loss

Self-invested pensions provider Pointon York has announced that it has reduced its half-yearly losses to £204,000 and has sounded an upbeat tone for future revenues following the signing of new distribution deals with IFA networks and platforms.

In a statement to the stock exchange, the firm said its losses per share for the six months to 30 September 2011 were down by 14 per cent from the £236,000 recorded in 2010. The 2011 loss equates to 8.3p per share, down from 11.3p.

The reduction in arrears corresponds with an increase in turnover, which stood at £530,000 for the period, up 13 per cent from the £468,000 posted in 2010.

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Geoffrey Pointon, chairman of the group, said its distribution strategy would focus on IFA networks and platforms and added that “several agreements” had already been signed.

He said: “Several agreements have now been signed and these are developing new business, and agreement has been reached on others, several of which are expected to commence early in the New Year providing a contribution to the current year’s trading.”

In September, the group, including its self-invested personal pension business, was put up for sale. However, in November the company released a statement announcing that the formal sale process had come to an end and that it “considers it to be in its shareholders’ best interest to remain independent at this time”.

Earlier this year, Pointon acquired two Sipp companies from Switzerland-based EFG Private Bank, Bridgewater Pension Trustees and Halcyon Financial Services.

Pointon said the acquisition of Bridgewater would significantly increase revenue and profitability of the group.