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Profits boost for Positive Solutions

Positive Solutions nearly tripled profits in the year to December 31 as it continued its policy of attempting to recruit big numbers of IFAs.

Despite tough market conditions, the national IFA firm saw profits rise by 161 per cent from £425,716 to £1.11m with turnover rising by 41 per cent from £18.1m to £25.6m.

It says the improved results are partly due to the quality of its IFAs.

The firm boosted its number of advisers by 35 per cent from 552 to 750 and says it expects this expansion to continue, having already recruited more than 50 IFAs this year.

It also reveals that its turnover at the end of the first quarter of this year – based on unaudited figures published alongside its 2003 accounts – was up by 51 per cent on the same period last year while profits surged by 237 per cent.

It says it expects to maintain this performance during the year as market conditions improve on last year and increasing numbers of advisers join the company.

Chief operating officer Neil Johnson says: “We made very healthy profits in 2003 despite uncertain market conditions. This proves the fundamental strength of our business model and is a tribute to the quality of our IFAs. Our profits enable us to invest in services which give our individual IFAs an even greater competitive advantage.”

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