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Cofunds announces pre-tax profits of £7.9m

Cofunds has announced pre-tax profits of £7.9m for 2010 compared to £0.1m  in 2009.

The firm saw a 33.5 per cent increase in assets under administration from £22.7bn to £30.3bn.

Turnover increased 36 per cent to £61.3m compared to £45.2m in 2009. Profit after tax reached £20.2m due to a £12.3m tax credit.

Cofunds interim chief executive Charlie Eppinger says: “2010 was a terrific and very profitable year. The results show an accumulation and the figures in 2010 were very good because the five years previous were very good.”

The firm expects incoming chief executive Martin Davis (pictured) to take up his new role on July 1.


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