Perspective Financial Group made a pre-tax loss of £1.9m in 2011, after making a pre-tax profit of £113,000 in 2010.
In its annual results, published today, the firm says the loss was due to an exceptional £1m accounting write-down and £3m of amortisation.
The firm’s revenues grew 56 per cent to £16.3m, compared to £11.5m in 2010. There was a 65 per cent jump in the firm’s earnings before interest, taxes, depreciation and amortisation to £4.3m, up from £2.6m.
Perspective’s assets under management increased 29 per cent to £2.2bn, up from £1.7bn in 2010.
Perspective managing director Damian Keeling says: “The profit before tax was impacted by a £1m exceptional accounting write-down and £3m of amortisation, which do not affect trading. We are particularly pleased to record a substantial increase in EBITDA, and in the EBITDA margin, which are the group’s core measures of performance.
“We have achieved significant progress in organic growth and the group continues to acquire excellent practices that perform well within our environment.”
Keeling says the group is ready for the RDR changeover and it will continue to work towards chartered status for all its offices in 2013.