Nucleus announces loss of £3.3m in 2010
Nucleus has announced pre-tax losses of £3.3m in 2010, compared to £3.2m in 2009, but chief executive David Ferguson says he expects the firm to meet its target of breaking even this year.
According to its 2010 figures, the IFA-owned wrap more than doubled its assets under administration to £2.2bn in 2010 compared to £1bn the previous year.
Nucleus has reduced operating losses by 15 per cent to £1.7m, compared to £2.0m in 2009, and saw a 140 per cent increase in inflows to £1.2bn, compared to £0.5bn in 2009.
The firm’s revenue increased by 133 per cent to £5.6m compared to £2.4m in 2009.
Nucleus chief executive David Ferguson says: “I believe this set of results signifies a pivotal moment for Nucleus and its member firms. It not only demonstrates the financial efficiency of our model but also positions us favourably to achieve break-even on a sustainable basis later this year.”
In December last year, Nucleus completed a £15m rights issue to clear its debt to South African insurer Sanlam. Helm Godfrey provided the biggest single investment of £780,000.