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Cofunds announces £7.1m profit for 2011

Cofunds has posted a pre-tax profit of £7.1m for 2011, a 10 per cent fall compared to the £7.9m profit posted for 2010.

The platform increased assets under administration to £36bn, increasing 17 per cent from the £30.3bn in 2010.

Revenues grew by 14 per cent from £61.3m to £70m. The platform’s 2010 pre-tax profits included a £12.3m tax credit.

Chief executive Martin Davis (pictured) says: “Our sustained profitability enables us to make significant investment back into the business ensuring we can continue to deliver the services and support that our clients need in this pivotal year.”

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