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Tenet profits driven by increased network turnover

Tenet profits driven by increased network turnover

Adviser support group Tenet has posted a six per cent increase in headline turnover to £125.2m in its annual report and accounts for the year to 30 September 2014.

The group also recorded a 32 per cent increase in earnings before interest, tax, depreciation and amortisation to £1.3m, which resulted in a 16 per cent increase in net profit to £350,000.

Tenet put this down to increased turnover figures within its networks, with its largest brand, TenetConnect, seeing a 9 per cent increase, benefitting from the investment in getting firms prepared for the post-RDR world.

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The non-investment network, TenetLime, also had a 42 per cent increase in turnover, supported by a buoyant mortgage market.

Group’s balance sheet was stable at the end of September, posting £21.7m cash at bank and £28.9m net assets, with no external debt.

Martin Greenwood, chief executive at Tenet Group, said the business reacted positively to a transitional year which included the introduction of the Mortgage Market Review and the embedding of the Retail Distribution Review regime.

“At a time when many networks are becoming restricted, Tenet continues to support independence, as well as firms who chose to operate a restricted or hybrid model.”

He added that the group’s financial stability will let members take full advantage of the opportunities in the year ahead, “including ensuring that end customers get the best outcome in relation to the planned changes to the liberalisation of pensions”.

peter.walker@ft.com