Cavanagh Group has announced a pre-tax profit of £712,000 for the first six months of 2007, up 38 per cent from the same period in 2006.
The firm also saw turnover increase to £7,739,000, up from £7,068,000 for the first half of 2006.
Chairman John Campbell says the firm’s earlier business decision to reduce initial commission and place greater emphasis on fund based and recurring commissions will make it “a lasting success in the financial intermediary market”.
He says the firm’s TCF initiative has been implemented, as directed by the FSA, and is under regular review.
Campbell says: “The recent Retail Distribution Review published by the FSA this summer has presented a number of interesting issues to the investment market place; we are considering these and intend to provide a formal response to the FSA.
However, I am pleased to say that Cavanagh does not regard RDR as the potential threat that other firms seemingly do, primarily in view of our position in the market and our relatively high proportion of qualified consultants.”