View more on these topics

Intrinsic posts £3.6m pre-tax loss for 2008

Intrinsic Financial Services has posted a £3.6m pre-tax loss for 2008, but grew adviser numbers by 22 per cent and acquired Mint network for £1.9m in February last year.

Intrinsic’s losses on ordinary activities before tax for 2008 compare to more severe losses in 2007 of £7.3m.

Adviser numbers over the period grew 22 per cent from 1,254 to 1,527 and gross commission income was up 40 per cent from £60m to £84m.

The financial statement reveals that the goodwill resulting from the Mint acquisition was £1.4m which will be written off over 20 years.

In the directors’ statement Intrinsic says that “despite an extremely difficult market, the outlook for the business is good with adviser headcount rising steadily, margins increasing and expenses showing only a modest increase”.

It says that risks and uncertainties facing the business include the economic climate and regulatory changes.

Recommended

Rally round

Equity markets have rallied hard from extreme pessimism and oversold levels in early March and there has been some recovery in the credit markets, with prices hardening and spreads narrowing as liquidity returns. The turn-round has been remarkable but have investors cast aside their pessimism too quickly?

Watch out for Budget bill

I hope Julian Stevens will now read the small print in the Budget. He seems to think that for someone earning £150,000 or more, the answer is for the company to make a pension contribution instead.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com