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Foster Denovo posts £1m pre-tax profit

National IFA Foster Denovo has increased pre-tax profits to £1m, a rise of 75 per cent compared to a profit of £583,000 in 2010.

The firm saw its turnover increase 6 per cent to £19.1m in 2011 from £18m in 2010 and saw operating expenses rise 11 per cent from £7.4m in 2010 to £8.2m in 2011.

The company saw an 8 per cent drop in advisers to 92 compared to 100 at the end of 2010.

Foster Denovo says its investment company, Sequel Investments now has over £65m assets under management. It announced the appointment of Darren Laverty as director of sales and marketing in March.

Foster Denovo chief executive Roger Brosch says: “We continue to be excited about the future and believe there will be acquisition opportunities brought about by RDR that we are well-placed to take advantage of.”

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