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Profits double at Positive Solutions

Profits at national franchise Positive Solutions rose by a record 113 per cent from 1.1 in 2003 to 2.4m last year.

IFA numbers increased by 34 per cent from 750 to 1,008 and turnover rose by 52 per cent from 25.6m to 38.8m, exceeding the firm’s predictions by 2.8m.

Its profit-related scheme, Prophitshare, could see a pool of 28m shared out among qualifying advisers in 2007.

Under the terms of the scheme, IFAs qualify by reaching a basic threshold, above which their production translates into a proportionate share of the company’s profit pool based on the 2006 results.

Chief executive Neil Johnson says: “Healthy profits are testament to our unique technology-led business model and a tribute to our IFAs. We are one of the few IFAs in the UK which is making money. This, along with Prophitshare and our fast, efficient business processing systems, is seeing IFAs join in droves.”

Hargreaves Lansdown head of research Mark Dam-pier says: “I am glad that somebody is making some money at last.

Most firms have not been doing so well, having trouble with their business models and being over-reliant on commission in a bear market. That is not very healthy for the industry. If Positive Solutions have got their business model right, then I congratulate them.”

Positive Solutions unveiled its new national headquarters in Newcastle last September and opened its 12th regional office in London last April.

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