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Novia profits rise towards £1m for 2012


Novia recorded pre-tax profits of £968,414 for 2012, compared to £106,626 the previous year. 

Chief executive Bill Vasilieff says the platform’s relationship with Aegon helped it build revenue growth, up by 26 per cent from £13.4m to £17m.

He says: “The continuing development of the relationship with Aegon and the underlying capabilities give it a strong position in the market.”

Aegon announced in May that it was taking the administration of its Aegon Retirement Choices platform in-house, reducing Novia’s role within the platform.

Expenses increased by almost £3m to £16m in 2012, which the firm attributes to increased costs needed to grow the business.  

This included a 56 per cent rise in staffing costs, from £1.9m to £3.1m. 



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