Chief executive David Ferguson was speaking as the wrap celebrated a record first half of the year with turnover up by 39 per cent and operating profit reaching £500,000. He said it now “seemed certain” that 2013 would see further profit growth and a defining year for the platform.
Nucleus also enjoyed positive cash flow from its operating activities and remains debt free. Mr Ferguson added: “We are now perfectly positioned to further accelerate our growth. It’s particularly great to be able to do that without a £150m or £200m hole in our profit and loss reserve.”
Figures revealed that assets under administration rose by 38 per cent from June 2012 to £5.3bn and inflows in quarter two increased by 25 per cent, compared with the same period last year.
Mr Ferguson said: “Our growth in users, inflows and assets under administration increasingly confirms that post-RDR advisers are turning to competitive, modern, open platforms to power their businesses.”
Alex Slipaczek @ASlipaczek
Glad that Nucleus is making a post-RDR profit for first half of 2013. Glad to be part of the adviser community who uses it. Well done.