CompaniesMay 13 2013

Foster Denovo doubles profit and seeks further acquisitions

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ByMichael Trudeau

Financial services firm Foster Denovo has reported an almost 90 per cent increase in profit before tax for 2012, which it attributed to investment ahead of the Retail Distribution Review, including a number of acquisitions.

In its financial results for 2012, Foster Denovo reported an 89 per cent increase in profits before tax to £947,000, up from £500,000 in 2011. Turnover increased 15 per cent from £18.2m to £20.8m.

Roger Brosch, chief executive officer at Foster Denovo, said: “We have undertaken a great deal of work in the lead up to RDR, which has further built on the deep foundational values that have guided our success to date.

“These results have also been supported by the acquisition activity that we undertook in 2011 and 2012, which was successfully integrated during the period and we remain excited by the prospect of further acquisition opportunities in the future.”