Succession halves loss in year of financial 'step up'

Succession halves loss in year of financial 'step up'

National advice firm Succession Wealth halved its operating losses last year as it hailed 2020 as a "step up in financial performance". 

In unaudited results published today (January 14) the company reported its operating loss fell to £3.6m last year, a drop of 47 per cent from the £6.9m loss reported in 2019. 

After financing costs of more than £12m Succession recorded a statutory loss before tax of £16.3m, down from £17m the previous year.

Succession also reported a slight increase in assets, which grew to £7.67bn up from £7.47bn the previous year, and a turnover of £74.3m overall for the year.

The national IFA saw 552 clients join its service in 2020 as operating expenses fell by 7 per cent to £31m amid a "repositioning of the business".

James Stevenson, chief executive at Succession, said the company was eyeing further investment in organic growth and "strategic" acquisitions. 

He added: "Succession has shown great resilience during one of the most challenging periods on record for financial markets.

"Our underlying profits increased by 40 per cent to £10.3m."

The company invested in a director of mergers and acquisitions towards the end of 2019 as it set its sight on acquiring larger firms in the market. 

At the time Succession said the hire reflected the "significant factor" deals played in its expansion plans to manage in excess of £10bn assets under advice.