Novia posts £779k loss as development arm sell-off bites

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Novia has reported a pre-tax loss of £779,237 for 2014, which it blames on the sale of its platform development arm to Aegon.

The result compares to a profit of £7.8m in 2013.

Aegon announced the acquisition of Novia Investment Services for £7m in December 2013.

Novia had previously built and administered platform services for Aegon.

Novia’s 2014 accounts say revenue and profits were hit by the sale of NIS.

The accounts say the fall in revenue reflects the winding up of the operation in the early months of the year.

Revenue was £11.4m in 2014, down by 39 per cent from £18.8m the previous year.

Assets under administration increased by 35 per cent from £2.3bn in 2013 to £3.1bn last year.

Novia chief executive Bill Vasilieff says: “Increased underlying revenue and cost control have ensured the underlying business remains in line with plan and puts Novia on course for a profitable 2015.”