Turnover hikes up at advisor support firm
WEST Yorkshire adviser support company, Tenet Group, has boosted turnover by 6% to over £125m.
The Horsforth-based group also reported a 32% increase in EBITDA to £1.3m in its annual report and accounts for the 12 months to September 30 2014. This resulted in a 16% increase to the group’s net profit to £350,000.
Meanwhile, the group’s balance sheet remains strong with £21.7m cash at bank and £28.9m net assets, with no external debt.
Tenet Group chief executive, Martin Greenwood, said: “Our latest results reflect a positive transition in a financial year that saw the introduction of the Mortgage Market Review and the embedding of the Retail Distribution Review regime.
“Our on-going financial stability leaves us very well positioned to support our members to 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.”
The Tenet Group describes itself as one of the largest and longest established support groups in the UK for financial advisers.
