Axa Portfolio Services, the parent company of the Axa Elevate platform, has posted a £30m pre-tax loss for 2012 after spending £12.7m on platform development.
APS is also the parent company of Axa’s direct platform, Axa Self Investor, and operates Axa’s pension schemes and Isas.
The losses are a slight improvement on 2011 when the business posted a £33.5m pre-tax loss.
Operating expenses decreased by 7 per cent to £41m, down from £44.4m in 2011 and turnover increased 33 per end to £21.9m, up from £16.5m the previous year.
A statement in the accounts says: “During 2012, APS invested in excess of £12m in platform development and enhancements including the launch of the Axa Self Investor platform. The Elevate platform was also enhanced to meet a number of legal and regulatory changes including developments required by the RDR.”
Jacksons Wealth Management managing director Pete Matthew says: “If the parent company keeps making losses then it may jettison the parts of the business not making a profit, which could be a problem for Axa Elevate. Platforms are finding it increasingly difficult to make useful profits.”