Personal Touch Financial Services has reported a 48 per cent decline in pre-tax profits in 2011, down from £2.3m in 2010 to £1.2m last year.
The company’s 2011 financial results, published today, show the group’s net assets grew from £12.4m in 2010 to £14.1m in 2011.
Annual turnover was £56.1m, down from £59.9m in 2010.
The company finished the year cash positive with reserves of £2.3m, however this is down from £3.8m in 2010.
PTFS chief executive officer Max Wright (pictured) says: “Since December 2011 we have had to make some brave decisions, such as increasing charges for members for the first time in three years – and it is only as a result of this that we will be able to move forward more rapidly and deliver better results for the future.
“As part of our Vision 2013 strategy, further efficiencies will be made to ensure we have a lean and streamlined business for the new regulatory regime. Our new board is hard at work focusing on ensuring members are given maximum support at a difficult time for many firms and indeed for their clients as economic problems continue to cause hardship”.