Perspective to return to acquisitions trail as earnings soar
FINANCIAL advisory group Perspective Financial, the acquisitive Cheshire-based firm has reported a 20% hike in annual earnings to £5.2m.
The Wilmslow-based group, which called off its AIM IPO earlier this summer, said it was ready to step-up its acquisitions strategy after pausing as new rules governing the sector – the Retail Distribution Review – were introduced.
In the year ended December 31 Perspective, which employs 230 people across 24 offices nationwide, said revenues climbed 13% to £20.3m as EBITDA jumped to £5.2m. Assets under management rose 14% to £2.5bn (2011; £2.2bn).
After allowing for exceptional items, acquisition costs, interest, amortisation and depreciation it posted a net pre-tax loss of £1,4m.
Managing director Damian Keeling, said: “2012 was another year in which the Group produced a strong underlying financial performance. The profit before tax was impacted by £1m of exceptional costs and £4m of amortisation, which do not affect the very strong underlying trading result.
“We achieved strong organic growth in 2012 and made excellent progress in bringing operational efficiencies. In 2012 the group’s acquisition activity was at a lesser rate as it prepared for RDR but the group expects to accelerate this element of its strategy over the coming year.”
Referring to the aborted AIM IPO, Mr Keeling said: ““As part of our growth strategy we have been looking at various funding strategies in recent months including the option of stock market flotation. However, after detailed investigation, we decided this particular route wasn’t right for Perspective at this time and we are continuing to evaluate the many options available to us.”
He said Perspective is trading “on budget and on target” in the current financial year.
