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Cavanagh boosted by growth in turnover

Cavanagh Group went back into profit last year following strong growth in turnover.

The firm made a £882,000 profit in 2006 compared with a loss of £388,000 for the previous year.

Turnover rose by 17 per cent from £12.1m to £14.1m while average turnover per IFA rose to £239,000 from £191,000.

Cavanagh says this was driven by a combination of growth in its corporate advice arm, the integration of better technology systems, a broader range of services and focusing on longer-term income streams and relationships.

The group says it is unable to pay dividends due to accumulated losses from previous years but is considering reducing its share premium account to eliminate the deficit.

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