Intrinsic posted a £13m loss during 2015, according to its latest accounts.
The network reported higher revenues compared with 2014, earning £30.8m in 2015 compared with £27.9m and lower expenses.
Intrinsic's losses had decreased from £17.9m in 2014 but the company said its losses had actually increased during that year because Intrinsic incurred exceptional costs relating to its sale to Old Mutual.
In its accounts Intrinsic stated: “As a result of continued emphasis upon growth in the network from recruitment, together with the attendant investment in infrastructure to support the advice businesses which it services, the company is continuing to report losses.
“The increase in the loss includes additional investment in recruitment, technology implementation and group management costs including strategy and governance together with the waiver of certain amounts due from non trading subsidiaries.
“The company is expecting losses to continue, albeit on a reducing basis, as it continues to invest in the implementation of its strategy.”
Intrinsic said it received £25m from its parent company Old Mutual towards this investment in its infrastructure.
Old Mutual is offering the network “active support”, according to its accounts.
During the first half of 2016 Intrinsic carried out a strategic review to position the business for its “next phase of growth”.
The accounts said: “The strategy is based upon a segmentation of the business into its key advice channels with a particular emphasis upon high quality, productive, restricted financial planners with targeted support to ensure advisers meet customer needs efficiently and effectively and giving them the capacity to grow their businesses.
“Implementation of the strategy will commence during the remainder of 2016 supporting the continued growth of the business.”
Intrinsic’s parent company Old Mutual Wealth is going through the process of a demerger from the other arms of the Old Mutual business.
This will culminate with the company being listed on the London and Johannesburg stock exchanges by the end of 2018.
