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National IFA announces bumper year


National IFA Towry Law made a £3.1m profit in 1999 the highest since it floated in November 1993.


The national IFA&#39s preliminary results for the year ending 31 December 1999 also show a 54% increase in turnover to £34.1m in 1999 from in £22.1m 1998.


The firm says it took advantage of the fragmentation of the IFA market in 1999 to become one of the largest IFAs in the UK. Its salesforce also doubled as 60 new consultants were recruited.


It also purchased the business of the financial services group Parkdale last October. and bought Advizas, Hogg Robinson&#39s financial services subsidiary for £16.5m, having raised £25.5m to fund acquisitions.


New offices were opened in Dubai and Tokyo late last year to advise resident nationals and ex-pats on pensions and off-shore tax shelters, and it is looking to expand its international links further in future.


Towry Law chief executive Douglas Black says: “The turnaround from a position of relative weakness to great strength is testament to the last 2 years&#39 hard work by management and staff.


“This, coupled with our acquisition strategy and increased numbers, has strengthened our position, resulting in excellent financial results.”

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