Nucleus posts £500k profit in first half of 2013

Wrap platform Nucleus has reported a 39 per cent increase in turnover in the first six months of 2013 and a £500,000 operating profit.

By comparison, the company broke even in the first half of 2012 and posted a £1m loss for the full year of 2011.

Assets under administration increased by £778m in the first half of 2012 from £4.5m to £5.3m. In the same period the previous year AUA increased by £595m from £3.2m to £3.8m.

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Inflows for the second quarter of 2013 were up 25 per cent compared to Q2 2012, although the company could not provide figures for the full first half of 2013 at the time of writing.

David Ferguson (pictured), founder and chief executive of Nucleus, said: “While 2012 was another hugely important year for Nucleus - with the business posting its first ever full year profit - it now seems certain that 2013 will see further profit growth and will be a defining year for the platform.

“It’s particularly great to be able to do that without a £150m or £200m hole in our profit and loss reserve.”