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IFA business profits reach almost £3,000 per RI

Misys is making a profit of almost £3,000 per RI, according to its financial results published last week.

The Misys IFA stable of networks, which has 7,500 members, made a profit of £22m from IFA businesses in 2002, giving an average profit per IFA of £2,933.

Total turnover through Misys&#39 IFAs was £408m while the financial services division, which includes the general insurance operations, achieved revenues of £447m.

DBS made an operating profit of £7m in the nine months since its acquisition in August 2001. Assuresoft made a loss of £4m, giving a net operating profit of £3m for Misys&#39 acquisitions overall. The four existing networks in Mifas made £15m profit.

The financial services division saw profits increase by 17 per cent to £27m from £23m in the financial year to March 31 2001.

Misys chairman Kevin Lomax says: “This year, the group should make good progress towards achieving its continuing objective of sustainable mid-teens&#39 growth.”

DBS member Halton Ins-urance Services director Mike Fry says: “I am not surprised that the profit margin is so high. I thought DBS overcharged and now we feel costs have increased further. We do not get value for money.

“When they are making so much profit it makes you wonder why they are selling off financial services.”

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