Financial services firm True Potential has more than doubled revenues in the first half of 2013 to £12m, a figure it aims to grow further over the remainder of the year.
The Newcastle-headquartered group of companies, which employs more than 126 people, has increased turnover by 145% in the first six months of 2013, up from £4.9m for the same period in 2012.
The firm, which designs and builds strategies that allow IFA firms to increase value in their business, also delivered £2.5m pre-tax profit for the group between January to June, a 56% increase on the same time period last year.
The True Potential group of companies was set up in 2007 by David Harrison and started doing business in 2008.
Now consisting of True Potential Investments LLP, True Potential Wealth Management LLP and True Potential Adviser Services LLP, the company is one of the fastest-growing financial services organisations in the UK, having already seen rapid expansion after moving into a 10,000sq ft head office at Newburn Riverside last year after outgrowing its former head office.
True Potential Adviser Services claims to provide technology and business support services to more than 22% of the UK’s IFA (independent financial adviser) market, and the amount of assets on the True Potential Wealth Platform now stands at ï¿½1.4bn, an increase of 250% (ï¿½1bn) since 2012.
The group said the first-half figures represent a huge increase on the numbers recorded last year, growth senior partners attributed to the firm’s adviser-friendly approach and the integrated nature of their service proposition, following on from the RDR (Retail Distribution Review) which was carried out by the UK Financial Services Authority.
The RDR, which came into effect on January 1, fundamentally altered the financial services profession, raising the level of qualifications a person requires in order to provide advice while also extending the range of investments a company must have knowledge of, amongst many other measures.
Senior partners at the six-year-old company said they were more than prepared for RDR and that they expect to see further considerable growth over the next six months,
Neil Johnson, senior partner at True Potential LLP, said: “RDR has presented a huge challenge to our industry, but it was a challenge we were prepared for and we are delighted to be able to post such impressive year-to-date results.
“Seeing our pre-tax profits rise by 56% is especially pleasing in the economic climate. These results have given us an outstanding platform for growth in 2013 and beyond.”
David Harrison, managing partner said: “Although we are clearly delighted with the first half results, continuing to achieve growth during 2013 is the key focus for us. The results for the first half of this year indicate that we are broadly on course to achieve a £30 million turnover by the end of 2013.
“We have some exciting new initiatives planned for the remainder of the year that will have an impact on our steep growth curve.”
Seeing our pre-tax profits rise by 56% is especially pleasing in the current economic climate