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Moneygate reports £1.4m pre-tax loss for 2013

Consolidator Moneygate has reported a £1.4m pre-tax loss for 2013, up from a £3m pre-tax loss the previous year.

Revenue increased from £8.3m in 2012 to £13.5m in 2013.

Moneygate chief executive Lee Hartley says the firm moved to monthly profit for the first time in October 2013 and anticipates reporting full-year profits for 2014.

He says: “The first half of this year was three months in the red and three in the black, and from July we have been consistently in profit. So we expect to report relatively slim profits for the full year given that there were some losses in the first six months.”

Moneygate currently has 165 advisers and funds under management of £1.25bn, which is up from £700m at the end of 2013.

Hartley says the firm is in the process of acquiring five businesses, one of which is due to complete in the next week, and the remaining four by the end of the year.

He says: “In the longer-term pipeline, we are in various stages of discussions with 70 firms.”

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