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On-Line Partnership looking to buy firms as profits soar by 65%

The On-Line Partnership has seen profits soar by almost two-thirds and says it is considering potential acquisition targets.

The Horsham-based group, which has 475 registered individuals across its network and national IFA businesses says profits rose by 65 per cent to 1,2292,895 for the 12 months to the end of June from 743,253 in the previous year. Turnover was up by 24 per cent from 23.1m to 28.6m over the same period.

It says it expects to see further growth and consolidation among smaller networks and says it has set its sights on acquisitions, although it does not rule out a merger.

The firm is using its profits to strengthen the balance sheet and invest in technology.

It has established three regional hubs in Birmingham, Blackburn and Glasgow and hopes to attract new consultants in each of these regions and build a stronger presence in the mortgage market.

Chief executive Kevin McDonagh says the results prove that successful network and national IFA businesses can still be built in the current regulatory environment.

He says: “I think that we will continue to see lots of consolidation accelerating within the market, particularly among the smaller networks.

“An acquisition or possibly a merger is certainly part of our longer-term plan and we are looking at prospective firms that could be in line with our strategy.”

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