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Cavanagh profits leap 49 per cent

Cavanagh Group saw its profits jump by 49 per cent, from £1,046,000 to £1,556,000, for the year ended December 2007.

The adviser firm saw revenues increase 18 per cent, from £14,112,000 to £16,638,000.

Announcing the results acting chairman Paul Sinnett says the firm will be considering further acquisitions after buying employee benefits specialist JRG Financial Consultancy last November for £5.3m.

Sinnett says fee-based revenue and recurring income now make up 40 per cent of turnover which he expects to increase next year when JRG’s trading is included.

Sinnett says: “Although we are operating in a particularly uncertain economic climate we anticipate that the demand for independent financial advice will remain strong and this, together with a number of ongoing initiatives, makes the Board cautiously optimistic about the current year.”

Cavanagh chief executive Andrew Fay says: “2007 has seen Cavanagh’s strong organic growth continue and as a result we have enjoyed a positive twelve months with good performances across all areas of the business.”

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