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Cofunds posts £400,000 profit for 2008

Cofunds has reported operating profit for 2008 of £400,000 in its first profitable year since its launch in 2001.

The figure compares to a £2m loss in 2007. In its financial results for 2008 the platform provider recorded £14.6bn of assets under administration at the end of December, which has since risen to £15bn.

The £400,000 operating profit excluded a £3.6m gain through its long term incentive scheme for company directors, which varies depending on the share value of the business.Last year, Cofunds excluded £9.2m loss made through the incentive plan from its headline £12m loss, because Cofunds does not deem it to be an operational cost.

Cofunds chief executive officer Brett Williams says: “To achieve profitability in such a difficult year is a really significant achievement.

He adds: “We are continuing to invest in the platform., with different pricing options and we will add unbundled pricing as an option.”

Finance and Technology Research Centre director Ian McKenna says: “It has taken Cofunds a very long time to get to profit but as a market innovator they, with others, clearly had to change adviser behaviour.”

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