Adviser support company’s turnover soars to £154m

West Yorkshire adviser support company Tenet Group has seen turnover rise 13% to £154m in 2016 while delivering its fourth consecutive year of profit growth.

For the year to September 2016, the Horsforth-based firm reported EBITDA of
£1.5m, resulting in a 24% increase to the group’s net profit of £584,000.

The group said it continues to invest in its infrastructure, with £1.3m spent on fixed assets, while retaining a robust balance sheet, with £22.7m of cash, no external debt and £30.1m of net assets.

Tenet Group chief executive Martin Greenwood said: “During a year of political surprises, uncertainty around MiFID II and changes within regulatory capital rules, we have been very pleased to deliver ahead of our financial plan.

“We’ve now posted our fourth consecutive year of profit growth and are continuing to invest in the future, supporting advisers to choose the right advice model and regulatory status for them and their clients.”