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Parmenion profits up 88% to £1.75m

Parmenion has filed a pre-tax profit of £1.75m for the year ending 31 March, up 88 per cent from £935,000 in 2013.

Turnover at the platform and investment business rose 57 per cent to £5.3m, up from £3.4m in 2013.

Operating costs increased from £2.5m to £3.6m in 2014.

The firm introduced a Sipp wrapper in June and is currently piloting its simplified advice software.

Parmenion chief executive Richard Mein says: “Two thirds of all Advisers now use some form of centralised investment proposition, and clearly we’ve benefited from this trend. The opportunities for us remain considerable as more and more advisers seek to build greater efficiency into their CIPs.

“The first quarter of the new financial year has seen Parmenion launch the UK’s first integrated, online simplified advice technology which is currently in pilot with selected advisory firms.

“The regulator is supportive of innovation and the current revolution in pensions only expands the online opportunity.”

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  1. Strong result from a platform that’s genuinely trying to do things differently. Well done guys.

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