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Nucleus posts profit of £1.4m

Nucleus has posted a pre-tax profit of £1.4m for 2013, up from just £17,875 in 2012.

Assets under administration increased 38 per cent to £6.2bn, up from £4.5bn the previous year.

Turnover increased 37 per cent from £13.6m to £18.7m. Cost of sales increased from £7.1m to £8.4m and administration costs increased from £6.6m to £9.1m.

The platform says it now has 1,590 individual adviser users, and went from 445 advice firm users to 500 during the year.

Approximately one third of new inflows in 2013 came from Paradigm, under an agreement between the two companies which runs until 2016 and sees the network white-label the platform.

In its accounts, Nucleus says it believes it has now reached the necessary scale to continue delivering year-on-year profit. 

The platform was critical of clean share classes “which may be more expensive” and prefential share classes “which may just be a euphemisim for poor performing”.

Nucleus chief executive David Ferguson says: “2012 was a pivotal year for Nucleus, achieving profitability for the first time but 2013 represented an even bigger step forward for us. Our collaborative model continues to offer scale and these results are further demonstration of what can be achieved by a relatively small group of very committed people with strong values. There is always more to be done but our audience is more buoyant than ever and that makes us cautiously optimistic for the years to come.”

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