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Chase de Vere returns to profit

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Chase De Vere has posted a profit of £4m for 2014, following a loss of £1.8m in the previous year.

Although administrative expenses climbed from £6.1m to £6.8m, this was offset by a reduction in exceptional costs which fell from £3.7m to £440,000.

The larger 2013 costs included settlements with the Financial Services Compensation Scheme and the FCA over the sale of Keydata products, and a £4m provision for redress related to unregulated collective investment schemes.

This company made a £11.2m pre-tax loss in 2012.

Revenues also improved during 2014, climbing from £46.8m to £48.8m, while the firm was further boosted by the sale of its Sipp and SSAS arm to Barnett Waddingham in September.

Chase de Vere chief executive Stephen Kavanagh says: “We increased our revenue, profitability and adviser productivity, made a dividend payment of £2m to our parent company, while putting the issues related to the sale of Keydata products firmly behind us.”

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