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Chase de Vere reports 2.5% profit increase in pandemic year

Chase de Vere reports 2.5% profit increase in pandemic year

Chase de Vere has reported a slight increase in profits over the course of the pandemic.

In the year ending December 31, 2020 profits were up 2.5 per cent to £13.41m, with company turnover also increasing from £72.49m to £76.03m.

The firm said this included the acquisition of IFA Nestor Financial Management which works in the field of clinical negligence and personal injury.

Earlier this year, Nestor partnered with the Major Trauma Group to provide specialist IFA services to trauma injury survivors and their families.

Chase de Vere said other highlights included improvements to its client proposition including the use of technology and the launch of ESG investment portfolios, and new affinity partnerships for its advice services tailored to medical and dental professionals.

Stephen Kavanagh, chief executive at Chase de Vere, said it was “very pleasing” that the firm had managed to maintain levels of profitability, made another acquisition and “made further improvements to our client proposition and established and enhanced key affinity relationships”.

He said: “We remain in an excellent position to grow our business in the future, with a strong and supportive parent company, our improved use of technology to support our face-to-face advice service and our commitment to providing top quality independent financial advice and service for our clients.”

The firm said when the UK went into lockdown in March 2020, its business continuity plan meant that it was able to successfully migrate staff to remote working.

Chase de Vere said it did not furlough any of its employees during the pandemic and its sole focus was on the wellbeing of its clients and its employees.

This was “hugely appreciated” by clients and reflected in the client satisfaction scores.

Chase de Vere said it recorded its highest ever net promoter score of 60.6 in the 12-month period which compared with a score of 57.8 in 2019 and 50.8 in 2018.

Kavanagh said: “I am immensely proud of how quickly and effectively we were able to adapt when the UK went into lockdown, so that we were able to focus our efforts on the wellbeing of our clients and our employees.

“I owe a huge debt of gratitude to our employees, who have worked together magnificently as ‘one team’ and thanks to their efforts we have been able to support our clients, on both a personal and a professional level, during some very worrying times.

“In return we have done everything that we can to support our employees throughout lockdown, including providing ongoing communications and reassurance and by not furloughing any of our employees.”

sonia.rach@ft.com

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