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 last week, 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”.
Chadney Bulgin mortgage partner Jonathan Clark says: “It has been a tough year for everyone. These results are to be expected considering the very harsh trading conditions we have seen over the past couple of years. PTFS is a big outfit and some of these companies have big fixed overheads and are finding it very hard to shave off costs.”