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 last week, 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 in 2011 compared with £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 acquired five IFA firms in 2011 and grew its assets under management to £2.2bn, up 29 per cent from £1.7bn in 2010.
Managing director Damian Keeling says: “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.
Jacksons Financial Services managing director Pete Matthew says: “Just like the high street banks, the large national firms will find it difficult to offer personal financial services that will be profitable. Large companies are too focused on the mass market.”