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Clarkson Hill profits down 44% but confident of its model

Clarkson Hill says increased turnover and growth in adviser numbers demonstrates a solid business model, despite reporting a 44 per cent fall in pre-tax profits.

The latest figures show a fall in profits from £11,591 for the same period last year compared to £6,439 per cent this year, for the six months from August 1, 2007 to January 31, 2008.

Clarkson Hill says the fall in profits is likely due to administration expenses, which increased from £1.726m to £1.788m for the same periods.

The Aim-listed national IFA has seen its turnover rise 26 per cent from £8.476m to £10.681m and adviser numbers have increased 17 per cent, from 303 last year to 354 in January.

The group, currently with around £874m funds under management while Clarkson Hill continues to develop plans to implement its assets under advice strategy.

Clarkson Hill chief executive Ron Pritchard says: “Our latest results prove that our model is successful and sustainable, despite how challenging the current economic climate can be for any growing business. We will continue to focus on the recruitment of qualified and quality financial advisers to further increase funds under management and improve profitability.”


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