Consolidator Perspective made a pre-tax loss of £5.4m in 2013, its annual accounts reveal.
This is down from a pre-tax loss of £1.5m in 2012.
Perspective reported a one-off cost of £580,752 relating to an abortive attempt to float the business on the Alternative Investment Market, and legal costs associated with a due diligence exercise.
The accounts say: “The directors were satisfied with the underlying level of trade in the year. 2013, however, proved a challenging year due to an abortive attempt to float the business on the AIM. The directors were ultimately advised to postpone this process although significant costs and management time were incurred.”
The business has also set aside £81,595 for the provision of commission clawbacks.
The results show Perspective’s average monthly number of employees during 2013 was 225, including 67 advisers. This compares to 250 employees and 84 advisers the previous year.
Directors’ remuneration rose by 19 per cent, from £715,228 in 2012 to £851,318 in 2013. There were seven directors in both years.
Perspective’s earnings before interest, tax, depreciation and amortisation in 2013 was £3.5m.
The firm has also published a trading performance update for the first half of 2014, which shows its Ebitda was £2.1m.
Perspective executive chairman Paul Hogarth says the business plans to achieve Ebitda of £4.5m in 2014, and £5.5m next year.
He says: “While 2013 was a year of change for Perspective, the results show strong underlying financial performance. We are particularly pleased to record a substantial increase in Ebitda, the group’s core measure of performance.”
Last month, Money Marketing reported Perspective had overhauled its approach to acquisitions, following a £6m restructure in June.
Perspective will now acquire businesses from shareholders at six times their recurring revenues at the point of exit, measured on an Ebitda basis. Half will be paid upfront with the rest subject to a two-year earnout.
Perspective indicated its intention to revise its acquisition terms in June when Money Marketing revealed it had agreed a restructure that saw private equity backers Mosaic and Hogarth inject fresh capital into the firm.
A group of 20 advisers also pumped in £1.5m to take an increased stake in the firm