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Buoyant Bestinvest looks for buys as profits rise by 43%

Bestinvest profits leapt by 43 per cent to £2.59m for the year to the end of May, up from £1.8m the previous year.

Turnover rose by over 20 per cent from £5.31m to £6.61m. The firm says the business figures provides sufficient capital for it to go on the acquisition trail.

Chairman John Spiers says: “The strength of the company&#39s balance sheet is extremely strong and provides us with scope to make acquisitions for cash if suitable opportunities arise.

Spiers says improved investor sentiment following last year&#39s market rebound has helped bolster sales while the group&#39s discretionary investment management service, launched last June, has already built up £170m in funds under management.

He warns that regulatory costs are continuing to spiral, largely as a result of increases in the Financial Services Compensation Scheme fees, while tax disincentives to save will hamper investor confidence. Spiers says: “This is leading to further consolidation in our industry. This is an essential requirement if professional standards are to be raised to an acceptable standard.”

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