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Nucleus hits profitability after three years

Nucleus has broken into profitability within three and a half years of the platform’s launch.

It recorded its first profitable month based on operational profit after the level of assets held on the platform passed the £1.5bn mark.

Nucleus chief executive David Ferguson says the company’s management are keen to plough April’s profits, as well as any future profits, back into the business.

He says: “While we are conscious this is only the first cash positive month we have recorded it is a significant milestone and one that we believe marks the start of a new period of accelerated growth as we look to reinvest the profits in the business rather than distribute them to shareholders.”

Profits will be reinvested in Nucleus’ overall growth, including areas such as technology, sales and marketing and recruitment.

Ferguson adds: “When we launched a lot of people said it wasn’t possible to get to this point. The fact that we’ve got to this milestone demonstrates that small companies can make a big impact in what is a very competitive market.”

Finance & Technology Research Centre director Ian McKenna says: “Nucleus has achieved an important milestone and I think it’s one that will give a lot of comfort to their users.”

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  1. So that’s two platforms now making a profit based on a transparent charging structure with Ascentric to follow shortly I’m sure. This is great news for those of us who believe that business models shouldn’t be built around opaque structures and, what would now appear to be aspirational claims, of financial strength and longevity.

    Well done David.

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