Wealth adviser Towry has reported a dramatic swing back into profit in 2011, as well as year-on-year increases in both earnings and revenue.
Although the company made a £5.5m loss in 2010, its 2011 results report profits of £10.2m, a difference of £15.7m.
The loss reported in 2010 was in part due to costs associated with the acquisition and integration of Edward Jones.
Earlier this year, the company lost a court case against advisory business Raymond James over claims of client poaching by seven former Edward Jones Advisers. Towry was ordered to pay £1.2m costs to the defendents.
Earnings before interest, tax, debt and amortisation in 2011 increased 22 per cent from £16.1m to £19.6m. Revenue was 6 per cent up on 2010 at £84.2m.
Andrew Fisher, chief executive of Towry, said: “2011 has been another year of record income, assets under management and earnings.
“This built upon significant growth in 2010 when the Edward Jones business was successfully integrated and 11 new offices were opened. Towry and all its employees remain committed to providing high quality, independent advice for clients.”
Mr Fisher also welcomed Gerald Corbett to the board. Mr Corbett will replace former chairman Glyn Jones, who announced his departure from the board earlier this year.
He said: “Going into 2012, our business model is fully compliant with the requirements of the Retail Distribution Review. Today, 96 per cent of our advisers are qualified to level four or above, and we anticipate that all our advisers will have attained this level by June 2012.”
Towry’s discretionary assets under management grew six per cent to £4.5bn in 2011, up from £4.2bn in 2010.
