A financial firm has recorded significant year-on-year increases in turnover and profits as well as a growing workforce.
Newburn-based True Potential has published its annual report for the year to December 2013 in which it unveils a 112% increase in turnover to £27.5m.
The financial and technology services group also posted profits of £5.3m, a 47% increase in profit for the period, which the firm describes as a pivotal year in which investments made in previous years have begun to feed into the finances.
Neil Johnson, senior partner at True Potential LLP, said: “2013 was a pivotal and highly successful year for the True Potential Group. It was a year in which our investment in innovation and the strategies we have employed over previous years came together and began to flow through into measurable financial benefits.”
Formed in 2007 and encompassing four businesses – True Potential Investments LLP, True Potential Wealth Management LLP and True Potential Adviser Services LLP and True Potential Adviser Services Ltd – the group also said the number of advisers using its wealth management platform had also grown considerably.
The total now tops 428, an increase of 169% on the same period last year when the firm had 159 wealth management partners.
Total headcount now stands at 158 employees and partners, up from last year’s average of 114.
Johnson continued: “There is a time lag between the initial investment in bringing people on board and the eventual increase in profit as they go through their first full year with us. As a result, we expect our group profit growth to continue as it catches up with the increased turnover we have experienced.
“This can already be seen in quarterly figures with profit up to £2.2m in the first quarter of 2014, an increase of 105% on 2013.
“We’re already making plans for future growth and we are now authorised to run our own pensions business, the administration of which will run on our existing platform. This opens up huge opportunities for us, especially with the new freedom to allow clients access to their full pension funds.”