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7IM profits soar 82%

Seven Investment Management saw profits leap by 82 per cent last year to £3.1m from £1.7m in 2010.

It increased its platform assets under administration by 18 per cent from £2.2bn to £2.6bn.

The results show 7IM had to pay a £22,000 Financial Services Compensation Scheme levy for the year to March 31 and it put aside an addit ional £50,000 to cover any future FSCS costs relating to 2010 and 2011.

The results say: “Levies from the FSCS continue to be significant in the context of the company’s profit.”

Chief executive Tom Sheridan says: “The results are just about bang in line with our budget. The whole industry is facing a challenging time at the moment, which is going to be more difficult in the second half of this year, as it was last year. We are pleased with our performance.”

Yellowtail Financial Planning managing director Dennis Hall says: “The results here are testament to 7IM’s business plan and proposition, which it set out at inception a few years ago. The firm continues to perform well.”

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