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Inter-Alliance reports £2.1m loss

National IFA Inter-Alliance has reported a loss of £2.1m for the six months ending June 30, a sharp fall from a profit of £0.7m in the same period last year.

The IFA says the loss, which excludes the cost of integrating recruits from the Lincoln and Pru sales force, is due to substantial investment in its infrastructure to cope with the growth in number of RIs to 1,035 from 631 last year.

But Inter-Alliance saw its turnover increase by 91 per cent to £26.2m from £13.7m for the first six months of last year and a 20 per cent increase in annualised income per practitioner to £72,000 from £60,000

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