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Millfield turnover and IFAs leap

National IFA Millfield Group made an operating loss of £360,000 over the past year while turnover rose to £11m from £6.6m in the previous year.

The firm spent £3.4m in admin expenditure supporting its expansion programme, including investment in offices, infrastructure and recruitment, up from £2.1m in 20000.

Millfield which floated on the Alternative Investment Market in March, has increased its number of IFAs by 23 per cent to 107 from 87 last year and is planning to open a new office in the West End of London, bringing its total number of branches to eight plus its Croydon head office.

Since flotation, Millfield has appointed 37 new employees including nine development directors. It says it also has three firms with 30 IFAs in the process of joining Millfield Associate Partnership which launched in May and is aimed at expanding by investing equity in other IFA firms.

Group chief executive Paul Tebbutt says: “We have exceeded market expectations by delivering turnover in excess of the anticipated £10m.”

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