Consolidator Perspective ended last year with a pre-tax loss of £5.4m, compared to a £1.4m loss in the previous year, according to its annual accounts.
The firm’s accounts stated that the directors were satisfied with the underlying level of trade during the year, but it proved challenging due to an abortive attempt to float the business on the Alternative Investment Market.
“The directors were ultimately advised to postpone this process although significant costs and management time were incurred,” the document added.
Last August the firm had planned a £28m float on Aim. FTAdviser previously reported the postponement was due to timing issues as there was currently much activity on the London Stock Exchange and investors were being asked to commit to a raft of funds.
The financial advisory group’s results also revealed earnings before interest, tax, depreciation and amortisation during 2013 was £3.5m.
The accounts mentioned that the firm set aside £81,595 for the provision of returning commission.
They also showed that Perspective’s average monthly number of employees during 2013 was 225, including 67 advisers, compared to 250 employees and 84 advisers in 2012.
Last month the firm introduced new terms of acquisition for advisers, announcing that it will pay member firms six times the firm’s pre-tax profit at the point when the firm itself is sold, then paying three times profits upfront, with further payments dependent on adviser performance over two years.
