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Nucleus pre-tax profit up 26% in Q1

Nucleus has reported a 26 per cent increase in pre-tax profit for the first three months of the year.

The platform made a £564,000 profit in Q1, up from £449,000 in Q1 2014.

Gross inflows for the first quarter of the year totalled £510m, up by 6 per cent from £481m in the equivalent period in 2014.

Assets under administration reached £8.7bn at the end of March, up by 28 per cent from £6.8bn at the end of March 2014.

Turnover increased by 28 per cent year-on-year, from £5.3m to £6.8m.

Nucleus chief executive David Ferguson says: “Our strong trading results for the first quarter of the year are simply a reflection of the success of our adviser community who share our core purpose of putting the client at the heart of everything we do.

“The past 12 months have been a hugely important period of development for us and we remain massively excited about what the future holds for the business.”

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