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Clarkson Hill posts £669K loss

IFA Clarkson Hill has posted a £669,000 pre-tax loss for the 17 months to December 31 2008 due to “extreme economic conditions.”

This compares to a pre-tax profit of just over £25,000 reported by the group for the 12 months to the end of July 2007.

In early 2008, the group changed its financial year-end on the basis that the historical year-end of July did not match with its operational timetable.

Clarkson Hill says cost reductions have been implemented since the end of December to ensure a return to profitability.

It says the recruitment of new advisers will continue but at a lower rate with the emphasis on investment pension based staff.

Group turnover increased 12 per cent to £29m compared to £18.3m at the end of July 2007.

New single premium investment business, both life and pensions, increased by 27m to £270m with total funds under advice reaching approximately £989m, compared to £712m in 2007.

Clarkson Hill CEO Ron Pritchard says: “The focus on cost reduction and cost centre profitability has now created the platform for the group to move forward in the new economic environment.”

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